Technical analysis of NZD/USD for April 07, 2017

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.

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