For Traders

Analytical Reviews

Technical analysis

05.06.201500:02 Forex Analysis & Reviews: Technical analysis of NZD/USD for June 5, 2015

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:

Amid previous events, the NZD/USD pair is still moving between the level of 0.7079 and 0.7199. The level of 0.7079 represents a weekly double bottom in the H1 chart. It should be noted that the weekly double bottom coincides with the ratio of 00% Fibonacci retracement levels. Consequently, the new resistance has set at the level of 0.7153; for that sell below the level of 0.7153 in the long term with the first target at 0.7100. If the trend is able to break the first support at 0.7100, it might resume to 0.7079 in order to test the double bottom in the same time frame. On the other hand, the stop loss should never exceed your maximum exposure amounts. Thus, it will be rather profitable to set your stop loss at the level of 1.7205.

Observations:

The resistance has set at the level of 0.7199 and support is found at 0.7079.

The key level is at 0.7117 today.

Expect a daily range of 68 pips

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.