Technical analysis of NZD/USD for September 07, 2017

Overview:

• As expected, the NZD/USD pair continues to move downwards from the level of 0.7170. Amid the previous events, the price is still moving between the levels of 0.7170 and 0.7214. Also, the daily resistance and support are seen at the levels of 0.7170 and 0.7131 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Yesterday, the market moved from its bottom at 0.7170 and continued to rise towards the top of 0.7262. Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.7170, the market will indicate a bearish opportunity below the strong resistance level of 0.7262 (the level of 0.7262 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.7262 with the first target at 0.7170. If the trend breaks the support level of 0.7170, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.7131.

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

Source:: Technical analysis of NZD/USD for September 07, 2017