Technical analysis of NZD/USD for September 15, 2017

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Overview:

  • The NZD/USD pair is still trading in the bullish trend from the support spot of 0.7187 - 0.7231. On the H4 chart, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that it is still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7231, which coincides with a golden ratio (23.6% of Fibonacci). Hence, the first support is set at the level of 0.7231. So, the market is likely to show signs of a bullish trend around the area of 0.7187 - 0.7231. In other words, buy orders are recommended above the prices of 0.7187 - 0.7231 with the first target at the level of 0.7293 (pivot point). Furthermore, if the trend is able to breakout through the first resistance level of 0.7293. Moreover, the pair could climb towards the second resistance 0.7343). However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7131 (double bottom).
The material has been provided by InstaForex Company - www.instaforex.com