Technical analysis of NZD/USD for June 21, 2018

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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

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