NZD/USD Technical Analysis 29 Jan 2021
On the H4 chart, the downtrend is forming. The instrument returned to decline after short-time correction and is trading at the center line of Bollinger Bands; the indicator cloud is expanding, the preservation of the downtrend is likely in the short term. MACD histogram is in the negative zone, the signal line is crossing the zero level and the body of the histogram from above, forming a signal to open short positions. Stochastic is in the neutral zone and the oscillator lines are reversing downwards from the border with the overbought zone.
On the daily chart, a lateral trend is forming. The instrument is consolidating at the center line of the Bollinger Bands; the indicator cloud is narrowed and it is likely that lateral trend will persist in the medium term. MACD histogram is in the positive area, gradually reducing volumes; the signal line reversed downwards, the buy signal is losing its relevance. Stochastic is in the neutral zone and the oscillator lines have reversed downwards from the border with the overbought zone; the sell signal is forming.
Resistance levels: 0.7170, 0.7200, 0.7220, 0.7250.
Support levels: 0.7150, 0.7100.
Short positions may be opened from the level of 0.7150 with target at 0.7100 and stop-loss at 0.7180. Implementation time: 1-3 days.
Long positions may be opened from the level of 0.7200 with target at 0.7250. Stop-loss – 0.7170
New Zealand Dollar to US Dollar
Recommendations SELL STOP
Support levels0.7100, 0.7150, 0.7170, 0.7200, 0.7220, 0.7250
Recommendations BUY STOP
Support levels0.7100, 0.7150, 0.7170, 0.7200, 0.7220, 0.7250.