Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 0.7896
Kijun-Sen level: 0.7889
Ichimoku cloud top: 0.7911
Ichimoku cloud bottom: 0.7817
- NZD/USD made a high of 0.7945 and has retreated from that level. Overall trend is weak as long as resistance 0.7976 holds. Short term trend reversal only above 0.7976.
- On the upper side above 0.7976 it can reach 0.8035. The pair’s minor support is around 0.7800 and any break below will target 0.7710/0.7660. Minor resistance around 0.7950.Recommendation: Sell NZD/USD around 0.7865, SL 0.7950, Target 0.7710.
The material has been provided by InstaForex Company – www.instaforex.com