NZDUSD analysis for 04.05.2017

There are no important economic reports in New Zealand but the US is publishing Prelim Unit Labor Costs q/q and Prelim Nonfarm Productivity q/q. The support rests at 0.68620 with resistance at 0.68900 which both lines are below the weekly pivot point at 0.69190. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 100 and 200. The RSI is moving horizontally in oversold area, the MACD indicator is in negative territory and the Stochastic is showing upward momentum. The ADX is showing sell signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend. Short positions are recommended targeting 0.6800. https://fxglory.com/nzdusd-analysis-for-04-05-2017/