7647096 7/13/2017 6:12 PM, EUR/NZD intraday: the RSI is oversold


Our pivot point stands at 1.5586.


Our preference

: the downside prevails as long as 1.5586 is resistance.


Alternative scenario

: above 1.5586, look for 1.5655 and 1.5696.


Comment

: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 1.5647 and 1.5703).


Supports and resistances

:

1.5696 **

1.5655 *

1.5586 **

1.5560

1.5500 last

1.5418

1.5377 **

1.5337 *

1.5296 **