Technical analysis of NZD/USD for February 21, 2018

NZDUSDH1.png

Overview:

  • The NZD/USD pair continued moving upwards from the level of 0.7370. Last week, the pair rose from the level of 0.7370 (pivot) to the top around 0.7436. But the trend was rebounded to the price of 0.7370 again. Today, the first support level is seen at 0.7314 followed by 0.7285, while daily resistance is seen at 0.7360. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7314 and 0.7394. For that, we expect a range of 80 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 0.7360, we should see the pair climbing towards the second resistance (0.7374) to test it. On the contrary, if a breakout takes place at the support level of 0.7314, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7261.
The material has been provided by InstaForex Company - www.instaforex.com