NZDUSD analysis for 06.07.2016

NZDUSD is massively under the influence of economic data from the US such as Markit Comp PMI, Markit Svcs PMI and ISM Non-Manuf Composite. The pair is falling down the Andrew’s pitchfork after its previous high at 0.72378. The support rests at 0.70610 with resistance at 0.71330 which the weekly pivot point is located in between at 0.71150. The EMA of 10 is having a sharp decrease towards the EMA of 75. The RSI is getting closer to the oversold area, the MACD indicator is in positive territory with falling tendency and the Stochastic is moving horizontally in negative area. Short positions are recommended but for a short time then there would be a rebound to higher ranges.

https://fxglory.com/nzdusd-analysis-for-06-07-2016/