Expectations from the pair NZD/USD

The pair NZD/USD is trading in a narrow range during Monday trading, due to the absence of a significant catalyst in the market. At the moment, the pair is trading slightly below the daily high near 0.7194, amid a decline in oil prices.

Technical Analysis: On the chart of H1, a reversal figure “Double Top” is formed, which is a signal  of a decrease in the price of the instrument.

Computer analysis: Also, on the chart H1 of the MACD indicator “Bear divergence” formed, which is an additional signal to reduce the price of the instrument.

The main recommendations: In case of fixing the price below the level of 0.7167, we should expect further refinement of the “Double Top” figure with the target of 0.7145. In the event that the candle on the hourly chart closes below the 75th moving, we should expect further price reduction to the level of 0.7115.

Fig. The current price of NZD/USD is 0.7181.

Alexander Sivtsov