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NZD/USD: the possibility of the reversal is high

OANDA:NZDUSD   Dolar New Zealand/Dolar U.S
50 0 1
Current trend

As expected, after the long growth the NZD against the USD due to the lowering of the investors’ interest in the US dollar             the pair rebounded from the key resistance level 0.7320 and began to lower. The main catalyst of the fall became the USA FRS interest rate increase. The FRS presented the US economy stimulation cutting plan. After the decision the USD didn’t fell the support, but today the change of trade moods is seen: the investors are buying the US currency, and the pair fell by more than 100 points in a one and a half trading day. There is a list of key issues to be published in the USA today, which can support the USD additionally. On the other hand the negative New Zealand economy growth rate trend pressed the pair additionally.

Support and resistance

Today the USA issues can strengthen the signal to buy the US currency, which can make the pair to fall to the level of 0.7150, 0.7110. The pair returned into the long term upward channel, and the possibility of movement to the lower border of the range at the level of 0.7150 is high, and then the pair will either break the current trend, or continues to form it further, which will depend on the trading mood the USA fundamental background. The alternative is a consolidation of the pair within the channel of 0.72000-0.7250. Technical indicators keep the buy signal, MACD doesn’t show the “bearish” volume , Bollinger Bands widened, but are pointed upwards.

Support levels: 0.7200, 0.7150, 0.7110, 0.6990, 0.6900, 0.6870, 0.6830.

Resistance levels: 0.7220, 0.7250, 0.7275, 0.7320, 0.7400, 0.7470, 0.7550.

Trading scenario

Open pending long positions on the trend from the levels of 0.7175, 0.7150 with the target at 0.7240, 0.7275 and stop loss at 0.7090.
More analytic from LiteForex:
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