Technical analysis of NZD/USD for August 16, 2017


All our targets which we predicted in the previous analysis have been hit. NZD/USD is still under pressure. The pair is under pressure below the key resistance at 0.7270, which should limit the upside potential. The downward momentum is further reinforced by both descending 20-period and 50-period moving averages. The relative strength index is bearish and calls for another drop.

To sum up, as long as 0.7270 is not surpassed, look for a new test to 0.7210 and even to 0.7185 in extension.

The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7310, 0.7330, and 0.7375

Support levels: 0.7210, 0.7185, and 0.7150

The material has been provided by InstaForex Company –

Source:: Technical analysis of NZD/USD for August 16, 2017

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply