empty
 
 
17.05.2018 02:52 AM
Technical analysis of NZD/USD for May 17, 2018

This image is no longer relevant

Overview:

The pivot point is seen at the point of 0.6917. The NZD/USD pair has faced strong resistance at the levels of 0.6935 because support had become resistance this week. So, the strong resistance has been already formed at the level of 0.6935 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.6935, the market will indicate a bearish opportunity below the new strong resistance level of 0.6935 (the level of 0.6935 coincides with a ratio of 23.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.6935 so it will be good to sell at 0.6935 with the first target of 0.6869. It will also call for a downtrend in order to continue towards 0.9896. The daily strong support is seen at 0.6844. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.6974 (61.8% Fibonacci retracement levels).

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 $8000 more!
    In March we raffle $8000 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