Technical analysis of NZD/USD for February 20, 2018

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Overview:

  • The NZD/USD pair is still trading around the spot of 0.7367, for that, it probably will continue to climb from the level of 0.7367. It should be noted that the support is established at the level of 0.7367 which represents the daily pivot point on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7367. So, buy above the level of 0.7367 with the first target at 0.7419 in order to test the daily resistance 1. The level of 0.7419 (double top) is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in the coming hours. If the trend is able to break the level of 0.7419, then the market will call for a strong bullish market towards the objective of 0.7449 today. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7326, a further decline to 0.7268 can occur. It would indicate a bearish market.

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

Source:: Technical analysis of NZD/USD for February 20, 2018

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