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05.09.201707:03 Forex Analysis & Reviews: Technical analysis of NZD/USD for September 05, 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.
Exchange Rates 05.09.2017 analysis

Overview:

  • The NZD/USD pair didn't make any significant movements since last week. There are no changes in our technical outlook. It continued to move downwards from the level of 0.7202 to the bottom around 0.7142. Today, the current price is seen at the level of 0.7170. the first resistance level is seen at 0.7202 followed by 0.7239, while daily support 1 is seen at 0.7100. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.7142. So it will be good to sell at 0.7142 with the first target of 0.7100. It will also call for a downtrend in order to continue towards 0.7064 (support 2). The strong daily support is seen at the 0.7064 level, which represents a new double bottom on the H1 chart. According to the previous events, we expect the NZD/USD pair to trade between 0.7202 and 0.7064 in coming hours. The price area of 0.7202 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.7202 is not broken. On the contrary, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.7239, then a stop loss should be set at the price of 0.7280.
Mourad El Keddani
Analytical expert of InstaForex
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