Trendline slope is getting higher
There are no major economic reports in New Zealand so NZDUSD will be chiefly under the influence of US data. The trend for NZD/USD is currently bearish; each descending step is bigger than the previous ascend and this is adding to the trendline slope. no indicator is issuing trend reversal signal. The bearish trend is expected to continue for the next few days at least.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.63680 with resistance at 0.64160 which both lines are below the weekly pivot point at 0.64340. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the MACD line is below the signal line in the negative territory and the Stochastic is moving in low ranges. The ADX is not showing any clear signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Short positions are recommended towards 0.63500.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.