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Technical analysis of NZD/USD for April 14, 2016

NZDUSDH1.png

Overview:

  • The NZD/USD pair fell from the 0.6941 level to the bottom at 0.6822 yesterday. Today, the pair has faced strong support at 0.6822. It can be seen on the H1 time frame chart, that the strong support has already been faced at 0.6822, and the pair will probably try to approach it in order to test it again and form a double bottom. Amid the previous events, the price is still moving between the 0.6822 and 0.6967 levels. In overall, we still prefer the bullish scenario as long as the price is above the level of 0.6822. Furthermore, if the NZD/USD pair is able to break the first resistance at 0.6886, the market will rise further to 0.6997. However, if the pair fails to pass through the 0.6890 level, the market will indicate a bearish opportunity below the 0.6890 mark. So, the market will decline further to 0.6822 in order to return to the daily pivot point. Moreover, a breakout of that target will move the pair further downwards to 0.6741.

Intraday technical levels:

  • Major resistance:0.6967
  • Minor resistance:0.6886
  • Intraday pivot point: 0.6820
  • Minor support:0.6741
  • Major support:0.6671
The material has been provided by InstaForex Company - www.instaforex.com