Trading Plan for EUR/USD and GBP/USD for June 09, 2017

Forex analysis review
Trading Plan for EUR/USD and GBP/USD for June 09, 2017

Technical analysis of NZD/USD for June 09, 2017

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NZD/USD has been trading in ta ight range and long position is still recommended. The pair is expected to trade with a bullish bias above 0.7165. Although the pair broke below the 20-period and 50-period moving averages, it is still trading above the key support at 0.7185, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extents should be limited.

To conclude, as long as 0.7165 is not broken, look for a new upside to 0.7260 and even to 0.7280 in extension.

At present, the pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above its pivot point. Therefore, long position is recommended with the first target at 0.7260 and the second one at 0.7300. In the alternative scenario, short position is recommended with the first target at 0.7145 if the price moves below its pivot points. A break of this target is expected to push the pair further downwards, and one may expect the second target at 0.7100. The pivot point lies at 0.7165.

Strategy: BUY at dips, Stop Loss: 0.7165, Take Profit: 0.7260

Graph Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines shows the support levels and the green line indicates the resistance levels. These levels can be used for enter and exit trades.

Resistance levels: 0.7260, 0.7280, and 0.73000

Support levels: 0.7145,0.7100, and 0.7045

The material has been provided by InstaForex Company - www.instaforex.com