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30.05.201702:48 Forex Analysis & Reviews: Technical analysis of NZD/USD for May 30, 2017

Long-term review

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Overview:

The NZD/USD pair indicated for a bullish trend from the support level of 0.6985 since last week. The price is still in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100) and (50), immediate support is seen at 0.6985, which coincides with a golden ratio (61.8% of Fibonacci). The second support is set at the level of 0.6953 (major support). So, the market is likely to show signs of a bullish trend around the spot of 0.6985. In other words, buy orders are recommended above the golden ratio at 0.6985 with the first target at the level of 0.7057. Furthermore, if the trend is able to breakout through the first resistance level of 0.7057. We should see the pair climbing towards the double top (0.7089) to test it. It should be noted that the major weekly resistance is seen at the 0.7135 price (major resistance this week). On the other hand, if a breakout happens at the support level of 0.6953 (50% of Fibonacci), then this scenario may be invalidated. Then set your stop loss at the price of 0.6930.

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