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09.01.201711:05 Forex Analysis & Reviews: Technical analysis of NZD/USD for January 9, 2017

Long-term review

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NZD/USD is trading above critical medium- to long-term support of 0.69. NZD/USD is trading inside an upward sloping channel and there are a lot of chances to see a strong bounce targeting levels above 0.76, but confirmation will come on a break above 0.72.

NZD/USD is trading above the Ichimoku cloud in the short term and making higher highs and higher lows. Price is bouncing off the cloud support. Resistance is at 0.7030-0.7040. Support is at 0.6930-0.6920.

Red lines - upward sloping channel

Price is trading above the weekly Ichimoku cloud and above the lower channel boundary. A bounce is justified at current levels and as long as price is trading inside the bullish channel. A break above 0.7170-0.72 will confirm my bullish scenario and increase chances of reaching 0.76 and higher. Our target will be the upper channel boundary.

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