Technical analysis of NZD/USD for February 23, 2017

Overview:

• The NZD/USD pair continues to move downwards from the level of 0.7220. Now the price is seen at 0.7215.
• Today, the first resistance level is seen at 0.7220 followed by 0.7265 (major resistance), while daily support 1 is found at 0.7118.
• Besides, the level of 0.7118 represents a daily pivot point for that it is acting as a key level today.
• Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7265 towards the first support level at 0.7118 in order to test it.
• If the pair succeeds to pass through the level of 0.7118, the market will indicate a bearish opportunity below the level of 0.7118 with the second target of 0.7057.
• However, if a breakout happens at the resistance level of 0.7265, then this scenario may be invalidated.

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