Technical analysis of NZD/USD for December 08, 2016

Overview:

• The NZD/USD pair continued moving upwards from the level of 0.7126. Yesterday, the pair rose from the level of 0.7126 (daily support) to the top around 0.7222. Today, the first support level is seen at 0.7150 followed by 0.7126, while daily resistance is seen at 0.7280. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7126 and 0.7280 in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. From this point, The NZD/USD pair faces resistance at 0.7223, while strong resistance is seen at 0.7280.
  Furthermore, if the trend is able to break out through the first resistance level of 0.7223, we should see the pair climbing towards the new double top (0.7280). On the contrary, if a breakout takes place at the support level of 0.7126, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7110.

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