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Technical analysis of NZD/USD for September 22, 2016

NZDUSDH1.png

Overview:

  • On the one-hour chart, the NZD/USD pair continues moving in a bullish trend from the support level of 0.7293.
  • Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
  • The bias remains bullish in the nearest term testing 0.7359 and 0.7389. Immediate resistance is seen around 0.7359 levels, which coincides with the daily pivot.
  • Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bullish opportunity above 0.7359.
  • So it will be good to buy at 0.7359 with the first target of 0.7389. It will also call for a n uptrend in order to continue towards 0.7430.
  • The strong weekly resistance is seen at the level of 0.7430.
  • However, if a breakout happens at the support level of 0.7263, then this scenario may be invalidated.
The material has been provided by InstaForex Company - www.instaforex.com