NZDUSD analysis for 21.07.2016

NZDUSD fell due to the influence of RBNZ softening its monetary policy. This pair has been moving with bearish bias since the previous high at 0.73221.The support rests at 0.69570 with resistance at 0.70110 which both lines are below the weekly pivot point at 0.71800. The EMA of 10 is falling down drastically and it is located below the EMA of 75 showing the recent price decline. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward movement. The RSI is below the 50 level, the MACD indicator is in negative territory and the ADX is showing stronger sellers than buyers. Sellers next target is 0.6950 which might be the point for buyers to open their positions.

https://fxglory.com/nzdusd-analysis-for-21-07-2016/