Looking at the chart on the daily time frame, we can do the following technical analysis . We see the pair moving between the two zones. Below we have zone 1.67000-1.68000, while at the top, we have the zone around 1.77000-1.78000. At the beginning of May, we touched the lower zone, and after that, we have rejection and some growth. We are currently testing moving averages of MA20 and EMA20, and if a break occurs above, our target is the zone around MA200 and EMA200 in the zone around 1.72000. By setting the Fibonacci retracement level, we see that the first pullback was up to 61.8% level and that now again, there is a probability that the same thing will happen, and that level coincides with MA200 and EMA200 at 1.73000. A smaller pullback is certainly possible but as a test on a psychological level at 1.70000. Looking at the MACD indicator, we see that the blue MACD line has just crossed over the signal line, which can give us a signal for a potentially bullish signal. We can only wait another day or two for better confirmation on the chart.



more…

READ  Long KIWI for OANDA:NZDUSD by Zhen_Trading