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Technical analysis

16.05.201805:23 Forex Analysis & Reviews: Technical analysis and trading recommendations for the NZDUSD currency pair as of May 15, 2018

Long-term review

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NZDUSD currency pair continued its bearish rally, where, to date, already gained by more than 500 points over the course of four weeks. The Bears press the market, to the levels (0.7000, 0.6890), which many buyers saw as pivot points, declined, and the quotes rise further, where before it is a six-month low, reflecting the range of 0.6820/0.9780. The pair is overheated, and no one argues with this, but so far the descending interest remains and it will continue the said course. Where is the point of support hiding? - there is no exact answer yet. Buyers are hoping for a range of 0.6820/0.9780, but even near it, it is worth looking at clear decelerations and the resumption of "bullish" interest, before rushing into long positions.

Key Levels

Resistance zones: 0.7000; 0.7180; 0.7250 * 0.7340 *.

Support zones: 0.6820; 0.6700 *; 0.6580.

* Periodic level

Please note: Predictions are not a direct guide to action!

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