Technical analysis of NZD/USD for December 07, 2016

Overview:

• The NZD/USD pair faced a strong resistance at the level of 0.7169, while minor resistance is seen at 0.7146.
• Support is found at the levels of 0.7093 and 0.7069. Besides, it should be noted that a daily pivot point has already set at the level of 0.7127.
• The NZD/USD pair is still moving around the key level at 0.7127, which represents a daily pivot in the H1 time frame at the moment.
• So, the trend continued to move upwards from the level of 0.7100. The pair rose from the level of 0.7169 (this level of 0.7169 coincides with the double bottom) to the top around 0.7169.
• In consequence, the NZD/USD pair broke resistance, which turned into strong support at the level of 0.7093.
• The level of 0.7093 is expected to act as major support today. From this point, we expect the NZD/USD pair to continue moving in the bullish trend from the support level of 0.7093 towards the target level of 0.7169.
• If the pair succeeds in passing through the level of 0.7169, the market will indicate the bullish opportunity above the level of 0.7169 in order to reach the second target at 0.7200.
• However, if a breakout happens at the second support level of 0.7069 (S2), then this scenario may be invalidated.

Intraday technical levels:

• R3: 0.7230
• R2: 0.7200
• R1: 0.7169
• PP: 0.7031
• S1: 0.7093
• S2: 0.7069
• S3: 0.7047

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com