NZD/USD: Murrey analysis

Since mid-June, the pair has been moving within a downtrend. Now, the price has moved into the negative zone of the Murrey trading range and has fixed below 0.6470 ([2/8]). The quotes will likely continue to decline to the level of 0.6347 ([0/8]) with possible slowing around 0.6408 ([1/8]). The price correction to the middle line of Bollinger bands around ​​0.6590 ([4/8]) will be possible if the price consolidates above the level of 0.6470 ([2/8]). However, this version of the movement seems less likely, since indicators reflect a decrease. Bollinger Bands reversed downwards. The MACD histogram is increasing in the negative zone. Stochastic is directed horizontally.

Support and resistance            

Resistance levels: 0.6470, 0.6530, 0.6590.

Support levels: 0.6408, 0.6347.

Trading tips

Short positions can be opened from the current level with the target at 0.6347 and stop loss 0.6470.

Long positions can be opened above the level of 0.6470 with the targets at 0.6530, 0.6590 and stop loss 0.6430.

Implementation period: 3–4 days.

Scenario

  • Timeframe

    Intraday

  • Recommendation

    SELL

  • Entry Point

    0.6427

  • Take Profit

    0.6347

  • Stop Loss

    0.6470

  • Key Levels

    0.6347, 0.6408, 0.6470, 0.6530, 0.6590

Alternative scenario

  • Timeframe

    Intraday

  • Recommendation

    BUY STOP

  • Entry Point

    0.6475

  • Take Profit

    0.6530, 0.6590

  • Stop Loss

    0.6430

  • Key Levels

    0.6347, 0.6408, 0.6470, 0.6530, 0.6590