NZD/USD Bears Take the Control – Eyeing To Below 0.6900
ByLCMS Traders FX Analysis Team
JUL 19, 2021
NZD/USD is moving lower after making a high of 0.7042 during the last week. The pair is currently trading at 0.6967 appears to have further downside room. The intraday support levels are at 0.6947 and 0.6925. The near-term resistance areas are at 0.7000 and 0.7032.
On the intraday charts, the pair is currently keeping below the moving averages. The SMA-14 is at 0.6991 and the SMA-50 is at 0.7107. The RSI is at 43 and the MACD is below the middle line. The mid-Bollinger band is at 0.70042 while the upper and lower bands are at 0.7075 and 0.6932 respectively. The current price pattern is bearish and favors selling entries however, the downside also appears limited with the availability of the nearby support areas. Therefore intraday sell entry is ideal for small profits using the following levels
Direction: Sell
Entry: 0.6985
Take Profit Range: 0.6950 – 0.6930
Stop-Loss: 0.7018
An intraday closing below 0.6920 is needed for the bulls to accelerate the downtrend. On the upside, closing above the SMA-50 (0.7010) would be ideal for the bulls to regain strength and once again move higher.
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