ByLCMS Traders FX Analysis Team
JUL 28, 2021
NZD/USD appears to be heading deep into the bearish channel after briefly breaching above the 0.7000 mark. Currently, the pair is trading at 0.6949 with immediate support levels at 0.6938 and 0.6912. The intraday resistance levels are at 0.6977 and 0.7000.
On the intraday charts, the pair is trading the SMA-14 resistance line (0.6969) while the SMA-50 is indicating resistance at 0.7072. The mid-Bollinger band is at 0.6978 with lower and upper bands at 0.7049 and 0.6908 respectively. The RSI is below the neutral zone and the MACD is indicating a bearish trajectory as well. Following the intraday and 4-hourly price patterns, the pair is ideal for selling entries on small rallies using the following levels.
Direction: Sell
Entry: 0.6985
Take Profit: 0.6930
Stop-Loss: 0.7015
Bulls need to breach above the 0.7000 mark to regain strength and move further higher, failing to achieve that would help bears challenge the 0.6900 mark and move deep into the bearish channel.
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