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09.08.201712:58 Forex Analysis & Reviews: Technical analysis of NZD/USD for August 09, 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 09.08.2017 analysis

All our targets which we predicted yesterday have been hit. NZD/USD is still under pressure and expected to trade in lower range. The pair recorded lower tops and lower bottoms since August 4, which confirmed a negative outlook. The downward momentum is further reinforced by the declining 50-period moving average. The relative strength index is mixed with bearish bias.

Hence, as long as 0.7350 is not surpassed, look for a further drop to 0.7290 and even to 0.7270 in extension.

Chart Explanation:

The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7370, 0.7390, and 0.7420

Support levels: 0.7290, 0.7270, and 0.7245

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