ByLCMS Traders FX Analysis Team
MAY 12, 2021
NZD/USD bulls retreated from the 0.7300 resistance area on Monday and the pair is now trading further lower to 0.7230. The intraday support levels are at 0.7200 and 0.7174. The near-term resistance areas are at 0.7266 and 0.7285.
On the intraday chart, a couple of Doji formations are present near the recent peak. The SMA-14 is indicating support area at 0.7224 and the SMA-50 is indicating support way below at 0.7137. The pair is trading above the mid-Bollinger band while the RSI is at 54 and has a downwards curve. The MACD is below zero line and indicating a deviation. Consider the intraday and 4-hourly price patterns and the MACD deviation, the pair is currently ideal to sell near 0.7245 with a target of 50 to 60 pips and a stop-loss at 0.7270.
An intraday closing below 0.7200 would be supportive of the bears and they would be able to extend the downside. On the upside, bulls require a sustained price action above 0.7270 to get back into the game.
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