Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 0.7893
Kijun-Sen level: 0.7916
Ichimoku cloud top: 0.7931
Ichimoku cloud bottom: 0.7898
NZD/USD has formed a double top around 0.7975 and is declining from that level. Overall trend is weak as long as resistance 0.7975 holds.
The breaking above 0.7975 will take the pair to 0.8035. The minor support is around 0.7850 and any indicative break below will target 0.7816/0.7763.
Intraday resistance is around 0.7900 (Tenkan-Sen). Break above would extend gain to 0.7940/0.7975. Intraday bullishness can be seen above 0.7900.
Recommendation: Sell NZD/USD around 0.7870, SL 0.7901, Target 0.7816/0.776.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 0.7893
Kijun-Sen level: 0.7916
Ichimoku cloud top: 0.7931
Ichimoku cloud bottom: 0.7898
NZD/USD has formed a double top around 0.7975 and is declining from that level. Overall trend is weak as long as resistance 0.7975 holds.
The breaking above 0.7975 will take the pair to 0.8035. The minor support is around 0.7850 and any indicative break below will target 0.7816/0.7763.
Intraday resistance is around 0.7900 (Tenkan-Sen). Break above would extend gain to 0.7940/0.7975. Intraday bullishness can be seen above 0.7900.
Recommendation: Sell NZD/USD around 0.7870, SL 0.7901, Target 0.7816/0.776.
