NZDUSD was showing bearish divergence RSI signals, providing traders with a warning that the up trend is close to its end. Today price broke out of the bullish short-term channel and that is why traders and specially bulls need to pay close attention.


Red rectangle – support areas

Red line – bearish divergence

Blue lines – bullish channel

NZDUSD is trading above key short-term support at 0.6875. As we explained in a previous analysis, NZDUSD is vulnerable to a pull back towards the 38% Fibonacci retracement. If support at 0.6875 fails to hold, we should expect price to reach next the 38% retracement area at 0.68. Traders should look to open short positions if short-term support is broken. 0.6930 should be used as stop level if trade is initiated.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.