The NZD/USD pair on 07/07/2016

The NZD/USD pair is going to continue to rise from the level of 0.7174 in the long term. It should be noted that the support is established at the level of 0.7174 which represents the 61.8% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7174. So, buy above the level of 0.7174 with the first target at 0.7228 in order to test the daily resistance 1 and further to 0.7259. Also, it might be noted that the level of 0.7259 is a good place to take profit because it will form a major resistance today. Moreover, it should be noted that the double top is seen at the point of 0.7298. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7174, a further decline to 0.7137 can occur which would indicate a bearish market.

Daily key levels
Major resistance: 0.7298
Minor resistance: 0.7260
Intraday pivot point: 0.7217
Minor support: 0.7174
Major support: 0.7135

About Forex

Expert Analysis - FOREX
This entry was posted in Forex Blog. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *



You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>