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    Technical analysis of NZD/USD for February 09, 2016 2016-02-09

    NZDUSDH1.png

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    Overview:

    • The NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.6582. On the H1 chart. the level of 0.6582 coincides with 50% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.6494. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA iis headed for the upside. Therefore, strong support will be found at the level of 0.6494 providing a clear signal to buy with a target seen at 0.6621. If the trend breaks the minor resistance at 0.6621, the pair will move upwards continuing the bullish trend development to the level 0.6675 in order to test the daily resistance 1.

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