Technical analysis of NZD/USD for August 16, 2017

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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 – www.instaforex.com

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

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