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    Technical analysis of NZD/USD for June 10, 2016 2016-06-10

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    Overview:

    • The NZD/USD pair movement was clear as it took place in an uptrend channel for a while. The trend showed signs of a bullish market. Amid the previous events, the price is still moving between the levels of 0.7053 and 0.710. The daily resistance and support are seen at the levels of 0.7053 and 0.6966 respectively. Hence, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 0.7053; to form a bullish channel. Besides, it should be noted major resistance is seen at 0.7217, while immediate resistance is found at 0.7150. Then, we may anticipate potential testing of 0.7150 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.7150, the market will indicate a bullish opportunity above the level of 0.7150. A breakout of that target will move the pair further upwards to 0.7217. Buy orders are recommended above the area of 0.7053 with the first target at the level of 0.7150 ; and continue towards 0.7217. On the other hand, if the NZD/USD pair fails to break out through the resistance level of 0.7150; the market will decline further to the level of 0.6966.

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