ByLCMS Traders FX Analysis Team
JUN 4, 2021
NZD/USD dropped nearly 100 pips and is currently trading at 0.7153 which is a major support area. Other support levels are at 0.7133 and 0.7112. The intraday resistance levels are at 0.7174 and 0.7200.
On the intraday charts, the pair is currently trading at the trend line support area that is still holding and only a clear breach below this level would ensure a further decline. The SMA-14 is indicating resistance at 0.7217 and the SMA-50 resistance line is at 0.7167. The pair has also moved below the mid-Bollinger band while the RSI is at 44 and supportive of the bears. The intraday price pattern is bearish, however, the pair is currently moving near a strong support area. A selling entry is ideal at 0.7135 which is subject to the condition that the price closes below the 0.7140 area on the 4-hourly chart. The target for this trade would be 0.7070 and an ideal stop-loss would be at 0.7165.
A weekly closing below 0.7130 would help bears move towards the 0.7070 and 0.7020 areas during the next week. On the upside, a weekly closing above 0.7200 would be supportive of the bulls.
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