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NZDUSD Technical Analysis (2-6 February,2015) | January 31, 2015

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NZDUSD broke its support at 0.7400 last week. It is continuing its downtrend after breakout of the support level. So in this pair, we can sell from near-term resistance area. 0.7280-0.7290 area is near-term resistance zone from where we can take sell entry. Another sell zone lies on 0.7400 area. We need to take sell entry from every retrace.

In Technical Indicators view

In daily chart, MACD indicator is below 0.0 level which gives us sell signal in this pair

In daily chart, RSI indicator value is 23 which indicates oversold. So we should not take sell from low area. We must wait for retracement for sell entry.

50, 100, 200 Moving averages are giving strong sell signal.

In summary, all technical indicators are showing strong sell signal. So our recommendation is to wait for retracement for taking sell entry.

Weekly Pivot, Support and Resistance

Resistance Two (R2): 0.7558

Resistance One (R1): 0.7385

Pivot Point: 0.7319

Support One (S1): 0.7146

Support Two (S2): 0.7080

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