Divergence on NZD/USD

Divergence on NZD/USD

The current technical pattern signals a possible correction of the NZD/USD currency pair after a prolonged fall. A classic reversal formation, the divergence of the price and the MACD histogram (H4 timeframe), has been formed in the trading instrument. Kiwi has updated local highs. At the moment, the NZD/USD quotes are testing the resistance level of 0.63600. We recommend paying attention to this situation.

If the price fixes above the level of 0.63600, it is necessary to consider the purchase of NZD/USD. The immediate goal for profit taking is the round level of 0.64000. The movement is tending to 0.64500-0.64900. Confirmations and market entry points must be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets 2019.09.04

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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