07, September 2016

NZD/USD (a 4-hour chart)

Current situation

The NZD was stronger on Tuesday, trading near local high against the dollar. Traders pushed the pair higher and the price was able to break the resistance 0.7320 and touched the level 0.7400. The new session high is at 0.7413 now. The NZD/USD remained above the 50, 100 and 200-EMAs. The moving averages continued their advance north. The resistance is at 0.7400, the support comes in at 0.7320.

The histogram grew which indicates the buyers’ strength. RSI is close to the overbought area.

Trading recommendations

The price may roll back below 0.7400 which is a good option to buy the price. If the NZD/USD breaks 0.7250 the downward movement will continue to the 0.7200 region where the 200-EMA lies.