For Traders

Analytical Reviews

Technical analysis

07.04.201711:26 Forex Analysis & Reviews: Technical analysis of NZD/USD for April 07, 2017

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 continues to move downwards from the areas of 0.6988. The market is still moving around the spot of 0.6969.
Today, resistance is seen at the levels of 0.6988 and 0.7018. So, we expect the price to set below the strong resistance at the levels of 0.6988 or/and 0.7018; because the price is in a bearish channel now.
Amid the previous events, the price is still moving between the levels of 0.7018 and 0.6900.
We still prefer the bearish scenario as long as the price is below the level of 0.7018. In other words, sell orders are recommended below the spot of 0.7018.
Then, the pair is likely to begin a descending movement to 0.6939. The level of 0.6939 will act as strong support, and the double bottom is already set at 0.6939.
The market will continue further to the 0.6900 level.
On the other hand, the daily strong resistance is seen at 0.7018. If the NZD/USD pair is able to break out from the level of 0.7018, the market will rise further to 0.7067.

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.