NZDUSD is trading just 60-70 pips lower than the recent highs. Price remains inside the bullish channel. This pair is not as vulnerable as other USD pairs and price remains supported. Our view is that a deep pull back should be expected and upside potential is limited.
Blue lines – bullish channel
Red lines – bearish divergence
The RSI is providing us with a warning. The bearish divergence in the RSI should be noted and traders must keep a close eye on the short-term support levels. Support is found at 0.7050-0.7090. Breaking below this area will be a bearish sign and will imply a bigger pull back is to be expected. Resistance remains at 0.7245 and as long as price is below this level, NZDUSD is vulnerable to a correction.
The material has been provided by InstaForex Company – www.instaforex.com
🚀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.