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    Technical analysis of NZD/USD for June 09, 2016 2016-06-09

    NZDUSDH4.png

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    Overview:

    • The first support is seen at the price of 0.7053, which represents a daily pivot point on the H4 chart. the NZD/USD pair continues moving in a bullish trend from the support level of 0.7053. Currently, the price is in a bullish channel. So, the market is likely to show signs of a bullish trend around the spot of 0.7053 - 0.7066. In other words, buy orders are recommended above the golden ratio (0.7053) with the first target at the level of 0.7150. Furthermore, if the trend is able to breakout through the first resistance level of 0.7150. We should see the pair climbing towards the second resistance (0.7217) to test it. Also, it should be noted that the daily strong support is seen at 0.7288.
    • On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7053, a further decline to 0.6907 can occur which would indicate a bearish market.

    Intraday technical levels:

    • R3: 0.7288
    • R2: 0.7217
    • R1: 0.7150
    • PP: 0.7053
    • S1: 0.6966
    • S2: 0.6907
    • S3: 0.6864

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