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    Technical analysis of NZD/USD for May 10, 2016 2016-05-10

    NZDUSDH4.png

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    Overview:

    • The NZD/USD pair continues to move downwards from the level of 0.6816. Yesterday, the pair dropped from the level of 0.6780 (this level of 0.6780 coincides with the double top) to the bottom around 0.6740. Today, the first resistance level is seen at 0.6780 followed by 0.6816, while daily support 1 is found at 0.6740. Besides, the level of 0.6740 represents a daily pivot point for that it is acting as minor support today. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.6816 towards the first support level at 0.6740 in order to test it. If the pair succeeds to pass through the level of 0.6740, the market will indicate a bearish opportunity below the level of 0.6740. In other words, sell orders are recommended above the spot of 0.6740 with the first target at the level of 0.6687; and continue towards 0.6632. However, it would also be logical to consider where to place stop loss; this should be set above the first resistance of 0.6815.

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