No strong resistance is around
Business NZ Manufacturing Index has been released in New Zealand and the US will publish Retail Sales data. On the chart the price is trending bullish and has penetrated almost all resistance levels. Ichimuko cloud is supporting the price and no trend reversal signal was issued by any indicator.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.66080 with resistance at 0.66240 which both lines are above the weekly pivot point at 0.65220. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the MACD line is above the signal line in the positive territory and the Stochastic is moving in high ranges. The ADX is showing buy signal. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen is showing an upward trend while the Kijun-sen is showing a horizontal trend.
Long positions are recommended towards 0.66500.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.