28, September 2016

NZD/USD (a 4-hour chart)

Current situation

Last week recovery was stopped at 0.7320. The upward momentum faded and the price retreated from the session high. Now the NZD/USD seems to be heading towards the immediate support at 0.7250. The 50 and 100 EMAs provide a strong support for the pair. The 50, 100 and 200 EMAs are neutral. The resistance is at 0.7320, the support comes in at 0.7250.

MACD is in the negative area. MACD grew which indicates the sellers’ positions weakening. RSI is within the neutral territory. The oscillator is heading south.

Trading recommendations

The pair is under pressure and we preserve our bearish outlook. The price has difficulties to go higher 0.7320. As the most probable scenario, we consider further moving downwards towards the mark at 0.7220.