29.12.201612:41 Forex Analysis & Reviews: Technical analysis of NZD/USD for December 29, 2016

Overview:

• The NZD/USD pair continues to move upwards from the level of 0.6905. Today, the first support level is seen at 0.6905; the price is moving in a bullish channel now. Furthermore, the price has set above the strong support at the level of 0.6905, which coincides with the 11.8% Fibonacci retracement level on the H1 time frame. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the NZD/USD pair to trade between 0.6905 and 0.7005. So, the support stands at 0.6905, while daily resistance is seen at the 0.7005 level. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6950. In other words, buy orders are recommended above 0.6950 with the first target at the level of 0.7005 and the next one at 0.7048. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.7005 today, the market will decline further to 0.6861 in order to retest the double bottom again on the same time frame.