Technical analysis of NZD/USD for June 15, 2017

Overview:

• The NZD/USD pair continues to move upwards from the level of 0.7205.
• Currently price is seen at the level of 0.7205.
  As long as the trend is above this level, the market is still in an uptrend.
• In addition, the trend is still strong above the moving average (100). The NZD/USD pair didn’t make any significant movements this week.
• The market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA is headed to the upside.
• Therefore, strong support will be found around the spot of 0.7159-0.7205 providing a clear signal to buy with a target seen at 0.7250. If the trend breaks the first resistance at 0.7250, the pair will move upwards continuing the bullish trend development to the level of 0.7305 in order to test the daily resistance 2.
• Besides, it should be noted that the major resistance is seen at 0.7344 on the H4 chart. However, if the NZD/USD pair succeeds to break through the support level of 0.7122 today, the market will decline further to 0.7057. It is recommended to set your stop loss at 0.7122.

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