Technical overview 17.04.18

NZDUSD

The pair is consolidating at the local maximum point against the background of the unfavorable China GDP data released today, and also the decreased volume of New Zealand government bonds purchases by non-residents. The pair has been trading flat for over two months due to the uncertainty on the world markets and the ambiguous dynamics of economic data from China. New Zealand’s economy is strongly connected to the Chinese market.

The price is below the middle line of the borders of Bollinger bands, below EMA 5 and EMA 13. RSI is below the level of 50%. Stochastic oscillators have reversed downwards.

Trading recommendations:

If the price falls below 0.7345, it may go further down to 0.7245.