After hitting 0.70509 NZDUSD had been moving with bearish bias and has created a double top. First bottom at 0.68058 has already been made and we can expect the second bottom in near future. The support lies at 0.68600 with resistance at 0.69240 which both lines are below the monthly pivot point at 0.69300. The MACD indicator is in negative territory showing the price decline and the RSI is below the 50 level. The EMA of 10 is located below the EMA of 50 confirming the price fall. It seems that the pair is going to continue its downward trend along with the descendant channel within the Andrews’ pitchfork. Short positions are recommended with the target at 0.6860.
Technical analysis of NZDUSD dated 05.05.2016
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