ByLCMS Traders FX Analysis Team
JUN 10, 2021
NZD/USD has moved below the 0.7200 support level and appears to be heading further lower. The intraday support levels are at 0.7155 and 0.7128. The near-term resistance areas are at 0.72012 and 0.7236.
On the daily charts, the SMA-14 is indicating resistance at 0.7225 and the SMA-50 is at 0.7181. The pair is below the mid-Bollinger band (0.7216). The upper and lower bands are at 0.7292 and 0.7139 respectively. The RSI is below the neutral zone while the MACD is below the zero line as well. Currently, the price pattern suggests that the pair is moving towards the lower side of the ongoing trading range. However, following the nearby support areas, the downside might not extend heavily and the sell entries shall be with small targets.
Direction: Sell
Entry: 0.7190
Take Profit range: 0.7155 -0.7140
Stop-Loss: 0.7215
An intraday closing above 0.7200 would be supportive of the bears while an intraday closing below 0.7140 is needed for the bears to get more control and take the pair further lower.
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