Can the resistance level hold the price once more?
There are no major economic reports in New Zealand but the US will publish ISM Manufacturing, Unemployment Claims and New Home Sales, so as USD gets stronger, every other pair which is based on USD would be the subject of a price change. NZD/USD is one of the pairs which is expected to be under the influence of this phenomenon.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.63740 with resistance at 0.64400 which both lines are above the weekly pivot point at 0.63390. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving on 50 level, the MACD line is below the signal line in the negative territory and the Stochastic is showing downward momentum. The ADX is showing sell signal. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing a horizontal trend while the Kijun-sen is showing an upward trend. Sellers can target the support line at 0.6370 but it is not going to fall further.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.