NZDUSD analysis for 03.08.2017

There are no major economic reports in New Zealand, however, the US is publishing ISM Non-Manufacturing PMI and Unemployment Claims. The support rests at 0.73830 with resistance at 0.74090 which both lines are below the weekly pivot point at 0.74900. The EMA of 10 is moving with bearish bias along the descendant channel but it is above the EMA of 100 and 200. The RSI is moving in oversold area, the MACD indicator is in negative territory and the Stochastic is showing downward 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. The support level breakthrough will drag the price to lower levels otherwise the pair will start its correction pattern towards 0.7550. https://fxglory.com/nzdusd-analysis-for-03-08-2017/