Technical analysis of NZD/USD for December 13, 2017

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Overview:

  • The price is still movinf around the spot of 0.6943 (daily poivot). The USD/CHF pair is trading in the bullish trend from the support levels of 0.6881 and 0.6830. 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. As the price is still above the moving average (100), immediate support is seen at 0.6881, which coincides with the first support (23.6% of Fibonacci). Consequently, the second support is set at the level of 0.6830. So, the market is likely to show signs of a bullish trend around the spot of 0.6830/0.6881. In other words, buy orders are recommended above the support of (0.6881) with the first target at the level of 0.6993. Furthermore, if the trend is able to breakout through the first resistance level of 0.6993. We should see the pair climbing towards the price of 0.7043 to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6780.
The material has been provided by InstaForex Company - www.instaforex.com