ByLCMS Traders FX Analysis Team
AUG 16, 2021
NZD/USD Daily Forecast
NZD/USD managed to end the last week above 0.7000 following a recovery from the recent low of 0.6880. Currently, the pair is trading at 0.7031 after having made a low of 0.7019 earlier in the Asian session. The intraday support levels are at 0.7012 and 0.6978. The near-term resistance zones are at 0.7045 and 0.7071.
On the intraday chart, last week’s small recovery has helped the bulls move above the moving averages. The SMA-14 is at 0.7011 and the SMA-50 is at 0.7018. The mid-Bollinger band is at 0.6997 with upper and lower bands at 0.7067 and 0.6926 respectively. The MACD is above the middle line and indicating a bullish momentum while the RSI is at 52. Following the intraday and 4-hourly price pattern, the pair is deal for buying entries using the following levels
Direction: Buy
Entry: 0.7015
Take profit: 0.7050 – 7070
Stop-Loss: 0.6972
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