Technical analysis of NZD/USD for May 09, 2017

Overview:

• The NZD/USD pair continues to move upwards from the level of 0.6847. Today, the first support level is currently seen at 0.6847, the price is moving in a bullish channel now.
  The level of 0.6847 coincides with the double bottom, which is expected to act as a minor support today. Besides, the double bottom is seen at the point of 0.6847. Since the trend is above the level of 0.6847, the market is still in an uptrend because the major support is seen at the level of 0.6847. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is heading upwards. Therefore, strong support will be found at the level of 0.6847 providing a clear signal to buy with a target seen at 0.6998. If the trend breaks the first resistance at 0.6998, the pair will move upwards continuing the bullish trend development to the level 0.7053 in order to test the double top. Besides, it should be noted that the pivot is seen at 0.6922.
  However, the price spot of 0.6847 and 0.6871 remains a significant support zone. Thus, the trend is still bullish as long as the level of 0.6847 is not breached.

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

Source:: Technical analysis of NZD/USD for May 09, 2017