FX.co ★ Fxcaptain | NZD/USD

T E C H N I C A L _ A N A L Y S I S N Z D / U S D Hello and have a good day to all my dear friends and colleagues. I hope you are fine. Today I will continue my discussion on the NZD/USD price movement. So let's start the analysis. Looking at the chart below, we can predict the future NZD/USD price action for the upcoming trading days. The NZD/USD is bearish at the moment, and the pair is likely to continue declining. According to this chart, the mood for the NZD/USD is currently negative. On the other hand, we can see that both indicators, RSI and MACD, are also heading in a downward direction. The Relative Strength Index (RSI) is at 35 which indicates that the price will decline. At the same time, the moving average convergence divergence (MACD) is looking negative because the signal line or slow line is below the zero line or midline. The traders have high expectations about a breakout on this pair. The Moving average indicator has confirmed a downtrend using this time frame.

There is solid bearish momentum in the NZD/USD market right now, and buying is not the right trading choice. The primary resistance zone of NZD/USD is available at 0.6761 before the secondary resistance zone of NZD/USD at 0.6923. The third resistance area of $0.7243 would play a key role. On the other hand, the primary support zone of NZD/USD is available at 0.5539 before the secondary support zone of NZD/USD at 0.5053. The third support area of $0.3997 would play a key role in pumping the NZD/USD market to the downside. We should wait for the confirmation candle. After that, we can take the best entry here. That's why I would like to recommend a buy entry from the low point. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: