Technical analysis of NZD/USD for June 16, 2017

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NZD/USD is expected to trade with a bullish bias above 0.7185. The pair is holding firmly above its key support at 1.3225, and may post some consolidations before a further advance. The process of higher highs and lows remains intact on the prices, which should confirm a positive outlook. Besides, the relative strength index lacks downward momentum.

Hence, as long as 0.715 is not broken, look for a limited consolidation before a new rise to 0.7280 and 0.7300 in extension.

Strategy: BUY at dips, Stop Loss: 0.7185, Take Profit: 0.7280

Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7280, 0.7300, and 0.7345

Support levels: 0.7160, 0.7125, and 0.7100

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

Source:: Technical analysis of NZD/USD for June 16, 2017

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