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20.04.201703:34 Forex Analysis & Reviews: Technical analysis of NZD/USD for April 20, 2017

Long-term review

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Overview:

The NZD/USD pair declined from the level of 0.7075 towards 0.7004. The kiwi is still moving between the levels of 0.7075 and 0.7004 since yesterday. The trend is still set below the 0.7075 level. The resistance of the NZD/USD pair is seen at the levels of 0.7075 and 0.7132. The first resistance and second one are seen at the levels of 0.7075 and 0.7132 respectively. The NZD/USD pair is still moving in a downtrend channel. The price spot of 0.7075 remains a significant resistance area. Therefore, there is a possibility that the NZD/USD pair will move downside, and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below the spot of 0.7075 - 0.7004, sell below 0.7075 - 0.7004 with the first target at 0.6969. It should be noted that support 1 is seen at the level of 0.6969 which coincides with the double bottom in the one-hour time frame. If the NZD/USD pair is able to break out the bottom at 0.6969, the market will decline further to 0.6825 in order to test the weekly support 2. On the other hand, the stop loss should be set above the level of 0.7132 (second resistance).

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