For Traders

Analytical Reviews

Technical analysis

22.02.201813:00 Forex Analysis & Reviews: Technical analysis of NZD/USD for February 22, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

Pivot : 0.7337.
The NZD/USD pair continued moving upwards from the spot of 0.7337/0.7314. The pair rose from the area of 0.7337/0.7314 (support zone) to the top around 0.7436.
The trend was rebounded to the price of 0.7314 again. Today, the first support level is seen at 0.7314 followed by 0.7285, while daily resistance is seen at 0.7360.
According to the previous events, the NZD/USD pair is still moving between the levels of 0.7314 and 0.7394.
For that, we expect a range of 80 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 0.7360, we should see the pair climbing towards the second resistance (0.7374) to test it. On the contrary, if a breakout takes place at the support level of 0.7314, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7261.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.