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    Chart Of The Day: Channel Resistance Pulled NZDUSD A Bit, But Up-move Remains Intact

    July 05, 2016 03:00

     

    Although a week-long upward slanting trend-channel resistance pulled the NZDUSD back on Monday, the pair is showing positive momentum after reversing from Brexit-day lows and is likely to challenge the last week's high of 0.7280 with 0.7245 channel upper-line acting as immediate resistance. Given the pair manage to clear 0.7280, the 0.7300 round figure mark and 61.8% FE of its May – June up-move, at 0.7340, are likely upside numbers that can be witnessed. Moreover, pair's successful trade beyond 0.7340 enables it to aim for 0.7400 & the 0.7420 resistance levels.

    Meanwhile, 0.7185 and the 0.7155 can act as nearby supports for the pair prior to resting at the channel lower-line of 0.7140 and the 23.6% Fibonacci Retracement level of 0.7130. If the pair drops below 0.7130, it can quickly decline to 0.7085 & 0.7040 levels while its additional south-run below 0.7040 needs to tackle the 0.7000 psychological magnet in order to print 0.6970-65 on the chart.

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