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    Technical analysis of NZD/USD for June 07, 2016 2016-06-07

    NZDUSDH4.png

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    Overview:

    • The NZD/USD pair is showing signs of strength following a breakout of the highest levels of 0.6908 - 0.6893. On the H4 chart, the level of 0.6908 coincides with the 61.8% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.6893. 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 is headed to the upside. Therefore, strong support will be found at the level of 0.6893 providing a clear signal to buy with a target seen at 0.6973. If the trend breaks the minor resistance at 0.6973, the pair will move upwards continuing the bullish trend development to the level 0.7008 in order to test the daily resistance 2. Consequently, buy orders are recommended above the area of 0.6908 - 0.6893 with the first target at the level of 0.6973; and continue towards 0.7008.

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