Technical Analytics Report

NZD/USD: Technical Analysis 17 Feb 2021


Current Trend

The NZD/USD pair demonstrates a moderate downtrend, trading near 0.7195. Asset quotes continue to trade within a narrow local upward channel with the readiness to overcome the support line. A rather rare accumulation of “Bearish” Divergences also speaks of a possible reversal in the near future. Technical indicators are still in a state of local purchase. Fast EMAs on the Alligator indicator are above the signal line and the AO oscillator histogram is in the buy zone, despite forming descending bars.

Support And Resistance

Resistance Levels: 0.7244, 0.7320.

Support Levels: 0.7146, 0.7012.

 Trading Tips

If the asset continues to decline, and the price consolidates below the support line of the channel at 0.7146, short positions can be opened with the target at 0.7012. Stop-loss – 0.7200. Implementation time: 7 days and more.

If the price continues correctional growth and consolidates above the local resistance level of 0.7244, long positions with target at 0.7320 will be relevant. Stop-loss – 0.7190.

Scenario

Timeframe: Weekly

Recommendation: Sell Stop

Entry Point: 0.7146

Take Profit: 0.7012

Stop Loss: 0.7200

Key Levels: 0.7012, 0.7146, 0.7244, 0.7320

 Alternative Scenario

Timeframe: Weekly

Recommendation: Buy Stop

Entry Point: 0.7244

Take Profit: 0.7320

Stop Loss: 0.7190

Key Levels: 0.7012, 0.7146, 0.7244, 0.7320


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