The price is at a strong resistance
Official Cash Rate, RBNZ Rate Statement and RBNZ Press Conference reports were released in New Zealand, there will be no reports in the US. We are expecting a quiet market today for NZDUSD; so breaking a strong resistance is less expected in such market. A smooth downtrend or sideway is expected in the market for the next few days.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.68260 with resistance at 0.69120 which both lines are above the weekly pivot point at 0.67210. 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 is 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 below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward trend.
The resistance line seems too strong to be broken so short positions are recommended towards 0.68000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.