empty
 
 
22.08.2017 12:49 PM
Technical analysis of NZD/USD for August 22, 2017
This image is no longer relevant

Overview:

  • The NZD/USD pair still is moving towards the resistance area of 0.7329-0.7360 in order to fall again from the level of 0.7329 (this level coincides with the ratio of 38.2%).
  • Usually, history repeats itself. However, the first resistance level is seen at 0.7288 followed by 0.7328 and 0.7360, while daily support 1 is found at 0.7175.
  • According to the previous events, the NZD/USD pair is still moving between the levels of 0.7288 and 0.7175; hence, we expect a range of 113 pips.
  • If the NZD/USD pair fails to break through the resistance level of 0.7288, the market will decline further to 0.7175. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.
  • The pair is expected to drop lower towards at least 0.7175 with a view to testing the daily support 1.
  • Contrariwise, if a breakout takes place at the resistance level of 0.7329, then this scenario may become invalid. Therefore, we still expect the bearish market as long as the trend is below the price of 0.7359 (R3).
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback