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Technical analysis of NZD/USD for April 7, 2016

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Overview:

  • The NZD/USD pair continues moving downwards from the level of 0.6845. Yesterday, the pair dropped from the level of 0.6845 (this level of 0.6845 coincides with a minor resistance) to the bottom around 0.6800. Today, the first resistance level is seen at 0.6845 followed by 0.6860, while daily support 1 is found at 0.6723. So, the pair is trading below its resistance. It is likely to trade in a lower range as long as it remains below the level of 0.6845. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from a new resistance line of 0.6845 towards the first support level at 0.6723 in order to test it. In the hourly time frame: if the pair succeeds to pass through the level of 0.6723 the market will indicate a bearish opportunity below the level of 0.6723. In other words, sell orders are recommended below the spot of 0.6845 with the first target at the level of 0.6723; and continue towards 0.6667. However, if the NZD/USD pair fails to break through the resistance level of 0.6860 today, the market will rise further to 0.6964 so as to retest the double top.

The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of NZD/USD for April 7, 2016 Reviewed by on . Overview:The NZD/USD pair continues moving downwards from the level of 0.6845. Yesterday, the pair dropped from the level of 0.6845 (this level of 0.6845 coinci Overview:The NZD/USD pair continues moving downwards from the level of 0.6845. Yesterday, the pair dropped from the level of 0.6845 (this level of 0.6845 coinci Rating:
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