NZD/USD, H4
Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged under the cloud, indicating a trend reversal. Chinkou Span has crossed the price chart from below; current cloud is still descending. The closest support level is Tenkan-sen line (0.8153). The next obstacle for the price on its way up will be the lower border of the cloud at 0.8243).
NZD/USD, D1
On the daily chart Tenkan-sen line is below Kijun-sen and the price is stuck between them. Chinkou Span line has crossed the price chart from below; current cloud has reversed from ascending to descending. After a steeply fall the pair has been corrected above Tenkan-sen line, which becomes a support level at 0.8183. The closest resistance level is Kijun-sen line (0.8241).
Key levels
Support levels: 0.8153, 0.8183.
Resistance levels: 0.8243, 0.8241.
Trading tips
On the four hour chart we’ve got signals of trend reversal, the targets for the long positions are at 0.8243. On the daily chart we can see a correction of the downward movement.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies