NZD/USD: Trade ideas for September 05
The NZDUSD continues to find resistance at the level of 0.8337, where is located the 50.0 Fibo level at the H1 chart. Now, this pair is trying to continue extending the bearish trend in the medium term, so that the NZDUSD should perform a breakout in the support level of 0.8286 to continue falling.
If successful, it is expected to fall to 0.8250 level in the short term. On the other hand, it is likely that the NZDUSD finds support at current levels and try to climb up to the resistance level of 0.8349, where the 200 SMA is located. RSI indicator remains in negative territory.
Trading recommendations: Put sell orders if the NZDUSD does a breakout at the support level of 0.8296, with take profit at 0.8250.