NZD/USD Points Lower Despite Today’s Gains
JUN 16, 2021
NZD/USD 0.23% higher to 0.7137 after making a low of 0.7104 yesterday. The pair’s immediate support levels are at 0.7180 and 0.71000. The intraday resistance levels are at 0.7158 and 0.7177.
On the intraday charts, a bearish moving average crossover is present that might help bears move below 0.71000. The RSI is at 44 and the MACD is below the zero line and favors the bears. The pair is also below the mid-Bollinger band which is at 0.71995. The upper and lower bands are at 0.7300 and 0.7083 respectively. Following the intraday price patterns, today’s slight uptick can well be taken for a sell entry. A decent selling entry is recommended at the following levels
Take Profit Range: 0.7110 – 0.7085
A breach below 0.7100 would open the doors for further decline towards 0.7030 and 0.7000 during this week. On the upside, bears now require a sustained price action above 0.7170 to get back into the game.
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