NZDUSD analysis for 03.04.2017

NZD is under pressure due to ANZ business confidence estimates. The support rests in 0.69780 with resistance at 0.70190 which both lines are below the monthly pivot point at 0.70270. The EMA of 10 is moving with bearish bias along the descendant channel and it is located below the EMA of 100 and above the EMA of 200. The RSI is falling towards the oversold area, the MACD indicator is in negative territory and the Stochastic is showing downward momentum. The ADX is showing a weak sell signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend. NZDUSD may fall a bit however; it will start its correction pattern soon targeting 0.7120. https://fxglory.com/nzdusd-analysis-for-03-04-2017/