NZD/USD Daily Analysis
NZD/USD slight gained yesterday after a free fall for more than a week. The pair is currently trading at 0.6715 with immediate support levels at 0.6700 and 0.6671. The intraday resistance levels are at 0.6781 and 0.6800.
Despite yesterday’s gains, the pair’s outlook is still bearish. The SMA-14 is indicating resistance at 0.6833 while the SMA-50 resistance area is at 0.6812. The RSI is at 39 and still favors the bears. The pair is also keeping below the mid-band which is at 0.6866. The upper and lower bands are at 0.7028 and 0.6752 respectively. Following the current intraday price pattern and the indications from the technical indicators, the pair is likely to remain on the downside. Therefore a selling entry will be ideal at around 0.6770 with an intraday target of 50 to 60 pips and a stop-loss at 0.6715.
An intraday closing below 0.6700 will once again accelerate the downwards momentum. On the upside, an intraday closing above 0.6800 would be ideal for the bulls to start building a recovery pattern.
