NZD/USD is still expected to trade with bearish bias as far as the price trades near 0.7460. The pair is under pressure below its key resistance at 0.7460. The downward momentum is further reinforced by the declining 50-period moving average.
Hence, as long as 0.7460 is not surpassed, another decline to 0.7400 and even to 0.7380 seems more likely to occur.
Strategy: SELL Stop Loss: 0.7460 Take Profit: 0.7400
Chart Explanation:
The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it remains below the pivot point, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7480, 0.7500, and 0.7530
Support levels: 0.7400, 0.7380, and 0.7360
The material has been provided by InstaForex Company - www.instaforex.com