For Traders

Analytical Reviews

Technical analysis

09.08.201807:32 Forex Analysis & Reviews: Technical analysis of NZD/USD for August 09, 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:

The NZD/USD pair opened below the weekly pivot point (0.6683). It continued to move downwards from the level of 0.6705 to the bottom around 0.6661. Today, the first resistance level is seen at 0.6705 followed by 0.6732, while daily support 1 is seen at 0.6661. Furthermore, the RSI starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.6683. So it will be good to sell at 0.6683 with the first target of 0.6630. It will also call for a downtrend in order to continue towards 0.6602.

The strong daily support is seen at the 0.6602 level, which represents a new double bottom on the H1 chart. According to the previous events, we expect the NZD/USD pair to trade between 0.6683 and 0.6602 in coming hours. The price area of 0.6683 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.6683 is not broken. On the contrary, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.6732, then a stop loss should be placed at 0.6754.

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.