General overview: The pair is making bearish sentiments towards the lower side in the market. The bears are seeking to break the strong support in the chart. The bears are creating the strong sell signals in the chart. The bears are forcing the market to create negative sell side in the market. The price is above the 21-Day EMA which acts as a dynamic. Alike all major currency pairs, NZDUSD also benefits from the broad US dollar weakness. The pair is in range bound position and downtrend can be expected. The pair gives benefit investors as the seller attacking a downward sloping support line in the market. The pair creates the downward slope in the market . However, the pair struggled to preserve its bearish momentum and erased its daily gains.
Technical analysis: From the technical point of view we can say that market sit towards the sell side in the market. On the 4 hourly chart we can see that market create the lower swings in the market. The bearish candlesticks formed in the chart .The bears are favoring the market and step head towards the south side in the market. The pair above the moving averages line and create the strong confirmation for the sell side in market. The pair are taking support from the EMA lines and getting bearish hold in the market. On the daily chart also market creates the sell side view in the market. The indicators are also supporting the market and RSI leads above the 55.50 level and create the sell side in the market as well as MACD also rise above zero level in 4 hourly charts and provide strong sell side call for positional basis. The support will be 0.6887 followed by 0.6840 and resistance 0.6996 followed by 0.7040.
Trade idea: Our traders sit towards the sell side at level 0.6920 and target will be 0.6880 – 0.6830 and stop loss will be 0.6980.
