Technical analysis of NZD/USD for May 04, 2018

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Overview:

As expected, the NZD/USD pair faced resistance at the level of 0.7089, while minor resistance is seen at 0.7049. Support is found at the levels of 0.6955 and 0.6906. Pivot point has already been set at the level of 0.7049. Equally important, the NZD/USD pair is still moving around the key level at 0.7049, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the NZD/USD pair continued moving downwards from the level of 0.7049. The pair fell to the bottom around 0.7010 from the level of 0.7049. In consequence, the NZD/USD pair broke support, which turned into resistance at the level of 0.7010. The level of 0.7089 is expected to act as the major support today. We expect the NZD/USD pair to continue moving in the bullish trend towards the target levels of 0.6955 and 0.6906. The NZD/USD pair didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.6906 or lower.

On the uptrend: If the pair fails to pass through the level of 0.7010, the market will indicate a bullish opportunity above the level of 0.7010. So, the market will rise further to 0.7049 and 0.7089 to return to the daily resistance. Moreover, a breakout of that target will move the pair further upwards to 0.7089 in order to form the double top.

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