10, June 2016

NZD/USD (a 4-hour chart)

NZD/USD (a 4-hour chart)

General overview

The New Zealand dollar grew by 0.49% when the Reserve Bank of New Zealand did not change the interest rate.

Current situation

The NZD/USD jumped upwards. The pair grew with the gap and stopped at 0.7150. The pair spent the day in a range: 0.7100 – 0.7150. The tone is still positive in the market. The resistance stands at 0.7150, the support comes in at 0.7050.

MACD is in a positive area and shows a buy signal. The indicator RSI is above 70 and is overbought. The price is above Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages are growing. That is a buy signal.

Trading recommendations

We prefer to wait and see the further dynamics. The pair is overbought and formed a gap. The price may decrease soon. Shall the pair decrease it will drop to 0.6900 (50 Moving Average).