Technical analysis of NZD/USD for December 06, 2017

Overview:

• The NZD/USD pair is currently discontinuing around the prices of 0.6816 and $0.6944. The level of 0.6944 represents the double top. The pair has already formed minor resistance at 0.6895 and the strong resistance is seen at the level of 0.6944 because it represents the weekly resistance 1. So, major resistance is seen at 0.6944, while immediate support is found at 0.6831. If the pair hits below the price of 0.6831, the NZD/USD pair may resume its movement to 0.6816 to test the daily support 2. Consequently, the NZD/USD pair is trying to test a major resistance level and it remains to be seen whether bulls have enough power to push for new highs in coming hours. The NZD/USD pair to move between the levels of 0.6940 and 0.6816. The RSI is still calling for a strong bearish market. The current price is also below the moving average 100. As a result, sell below the price of 0.6940 with targets at 0.6831 and 0.6816. However, stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.6960.

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