Technical analysis of NZD/USD for June 11, 2018

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Overview:

The NZD/USD pair didn't make significant movement last week. The bias remains bullish in nearest term testing 0.7185 or higher. The NZD/USD pair continue to rise from the level of 0.6977 in the long term. It should be noted that the support is established at the level of 0.6977 which represents the 23.6% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7057. So, buy above the level of 0.7057 with the first target at 0.7121 in order to test the daily resistance 1 and further to 0.7121. Also, it might be noted that the level of 0.7185 is a good place to take profit because. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6977, a further decline to 0.6848 can occur which would indicate a bearish market.

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