Technical analysis NZDUSD for 01.08.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 0.61950. The closest resistance is the level 0.62225

Key levels

• 0.62825, 0.62550, 0.62225, 0.61950, 0.61650

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 0.61950, with Take Profit of 0.61650 and Stop Loss of 0.62225

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 0.62225, with Take Profit of 0.62550 and Stop Loss of 0.61950