Technical analysis of NZD/USD for July 18, 2017
July 18, 2017 12:41 amVideo
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Overview:
Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7305. So, buy above the level of 0.7305 with the first target at 0.7400 in order to test the daily resistance 1 and further to 0.7450. Also, it might be noted that the level of 0.7450 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7250, a further decline to 0.7205 can occur which would indicate a bearish market. Since there is nothing new in this market, it is not bearish yet. However, stop loss is to be placed below the level of 0.7200.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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