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Chart Of The Day: NZDUSD Again Confronts 0.7155-60 Horizontal Resistance

July 01, 2016 03:00

 

While a short-term ascending trend-channel, stretched from Monday's low, favors the NZDUSD upside, the pair presently confronts the 0.7155-60 immediate important horizontal resistance. Looking at the overbought RSI and previous strength of the mentioned resistance-zone, chances are higher that the pair can witness a mild pullback towards 0.7120 nearby support; however, its further downside below 0.7120 might be confined by the channel lower-line mark around 0.7100. Should the pair drops further below 0.7100, the 0.7085, the 0.7060 and the 0.7040 are likely consecutive downside rests that it could avail prior to revisiting the 0.7000 psychological magnet.

On the contrast, a clear break of 0.7155-60, comprising the 38.2% Fibonacci Retracement level, can quickly trigger its up-move to channel resistance of 0.7190 and the 0.7210 upside stop. Given the pair maintains the north-run beyond 0.7210, the 0.7245 can act as intermediate halt during it rise towards current month highs of 0.7260, which if broken enables the pair to aim for 0.7300 round figure.

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