Technical analysis of NZD/USD for June 21, 2018

analytics5b2b7c465663f.png

Overview:

The NZD/USD pair faces resistance at 0.6878, while strong resistance is seen at 0.6912. Support is found at 0.6823 and 0.6786 levels. Today, the NZD/USD pair continues to move downwards from 0.6851 level. The pair fell from 0.6851 level to the bottom around 0.6823. In consequence, the NZD/USD pair broke support at 0.6878 which turned into resistance.The 0.6878 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.6878 level towards the target at 0.6823. In the long term, if the pair succeeds in passing through 0.6823 level , the market will indicate the bearish opportunity below 0.6823 level in order to reach the second target at 0.6786 in the H1 time frame. However, the 0.6786 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.6754 level as long as this level is not breached.

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

Source:: Technical analysis of NZD/USD for June 21, 2018

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*