Technical analysis of NZD/USD for September 21, 2017

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Overview

  • The NZD/USD pair faces resistance at 0.7350, while strong resistance is seen at 0.7374. Support is found at 0.7297 and 0.7273 levels. Today, the NZD/USD pair continues to move downwards from 0.7350 level. The pair could fall from 0.7350 level to the first support around 0.7297. In consequence, if the NZD/USD pair will break support at 0.7297, this level will turn into resistance today. In the H1 time frame, the 0.7331 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7297 level towards the target at 0.7297. In the long term, if the pair succeeds in passing through 0.7297 level , the market will indicate the bearish opportunity below 0.7297 level in order to reach the second target at 0.7273. However, the 0.7273 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7273 level as long as this level is not breached. in overall, we still prefer the bullish scenario above the area of 0.7273.
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