Technical analysis of NZD/USD for April 05, 2018

Overview:

Pivot : 0.7270.

The NZD/USD pair will continue to rise from the level of 0.7270. The support is found at the level of 0.7270 which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.7270 while immediate resistance is seen at 0.7302. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of a high at 0.7270. So, buy above the level of 0.7270 with the first target at 0.7302 in order to test the daily resistance 1 and move further to 0.7332. Also, the level of 0.7332 is a good place to take profit. Amid the previous events, the pair is still in an uptrend; for that we expect the NZD/USD pair to climb from 0.7270 to 0.7322 and 0.7342 today. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7270, a further decline to 0.7209 can occur which would indicate a bearish market on the H1 chart.

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

Source:: Technical analysis of NZD/USD for April 05, 2018