19.10.201612:06 Forex Analysis & Reviews: Technical analysis of NZD/USD for October 19, 2016

Overview:

• The NZD/USD pair continues to move upwards from the level of 0.7140 (resistance becomes support). Today, the first support level is currently seen at 0.7140, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.7140, which coincides with the 23.6% Fibonacci retracement level. Moreover, a minor support is seen at 0.7200. This support has been rejected several times confirming the veracity of an uptrend today. According to the previous events, we expect the NZD/USD pair to trade between 0.7140 and 0.7259. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.7200. In other words, buy orders are recommended above the spot of 0.7200 with the first target at the level of 0.7259; and continue towards 0.7313. So, the support levels are seen at 0.7140 - 0.7200, while daily resistance level are found at 0.7259 - 0.7313. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.7313. Thus, the trend will probably be rebounded again from the this level as long as the level of 0.7313 is not broke.