Friday, January 6, 2017

Technical analysis of NZD/USD for January 06, 2017

Overview:

The NZD/USD pair has faced strong support at the level of 0.6925. So, the strong support has already been set at the level of 0.6925 and the pair is likely to try to approach it in order to test it again. The level of 0.6989 represents a daily pivot point for that it is acting as minor support today. Furthermore, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 1.1069. Currently, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.6925 and 0.7068. Besides, it should be noted that the first resistance is set at 0.7068. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6925 with the first target at the level of 0.7068. If the trend is able to break the double top at the level of 0.7068, then the market will continue rising towards the weekly resistance 2 at 0.7131.