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    Technical analysis of NZD/USD for June 16, 2016

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    Overview:

    • The NZD/USD pair set above strong support at the level of 0.6995, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected twice confirming uptrend veracity. Hence, major support is seen at the level of 0.6995 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 0.6995 and 0.7099. The NZD/USD pair is trading in a bullish trend from the last support line of 0.6995 towards the first resistance level at 0.7062 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 0.7062 and further to the levels of 0.7099 and 0.7147. The level of 0.7147 will act as second resistance and the double top is already set at the point of 0.7147. At the same time, if a breakout happens at the support levels of 0.6995 and 0.6948, then this scenario may be invalidated. It would also be wise to consider where to place stop loss; this should be set below the second support of 0.6948. But in overall, we still prefer the bullish scenario.

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