Technical analysis of NZD/USD for April 25, 2017

Overview:

• The NZD/USD pair has still set below the levels of 0.7075 and 0.7004. The NZD/USD is still moving between the levels of 0.7075 and 0.6946 since last week. The resistance of the NZD/USD pair is seen at the levels of 0.7004 and 0.7075. The first resistance and second one are seen at the levels of 0.7004 and 0.7075 respectively. The NZD/USD pair is still moving in a downtrend channel. The price spot of 0.7075 remains a significant resistance area. Therefore, there is a possibility that the NZD/USD pair will move downside, and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below the spot of 0.7075 – 0.7004, sell below 0.7004 with the first target at 0.6946. If the NZD/USD pair is able to break out the bottom at 0.6946, the market will decline further to 0.6889. It should be noted that the major support is seen at the level of 0.6889 which coincides with the double bottom in the one-hour time frame. Support 2. On the other hand, the stop loss should be placed above the level of 0.7075.

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

Source:: Technical analysis of NZD/USD for April 25, 2017