Monday Morning NZD/USD Technical Levels - Forex News by FX Leaders

Monday Morning NZD/USD Technical Levels

Posted Monday, November 21, 2016 by
Skerdian Meta • 1 min read

Good morning to all FXML followers out there. Here we are on a Monday morning after having a great week last week. We hope to offer the same performance this week as well with our forex signals, but first, let´s look at some technical levels to get a general idea of where we stand and what levels we are going to trade today. 

NZD/USD – Let´s start with NZD/USD since we just opened a sell forex signal in this forex pair. The first resistance level where we based our signal on, comes at 0.7035. That was the swing low on Wednesday and that´s where the 50 simple moving average (50 SMA) stands on the NZD/USD H1 chart. Above there comes the second resistance level, 0.7070. The 100 smooth MA, which has provided support previously, stands up there so it will turn into a resistance level now. 

Can you spot three indicators screaming sell? 

Looking at the bottom side, today´s low at 0.6985 is the first and probably the strongest support level. It´s where the 100 SMA stands on the daily forex chart, so that makes it a major level. Below that comes the 50 SMA at 0.6950, so these are the first two support levels in this forex pair.

Judging by the NZD/USD price action, I don´t think we´ll reach any of the outer levels today, but it´s nice to know what´s around us. The 50 SMA on the top side seems to be doing a nice job as I write because it is rejecting the price and the sellers are losing steam. 

 

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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