Technical analysis of NZD/USD for December 27, 2017

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Overview:

  • Pivot point : 0.7029.
  • The NZD/USD pair bullish trend from the support levels of 0.6950 and 0.6985. Currently, the price is in a bullish channel.
  • This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.6950 (major support), which coincides with a golden ratio (61.8% of Fibonacci).
  • Consequently, the first support is set at the level of 0.6985. So, the market is likely to show signs of a bullish trend around the spot of 0.6985. In other words, buy orders are recommended above the first support (0.6985) with the first target at the level of 0.7065.
  • Furthermore, if the trend is able to breakout through the first resistance level of 0.7065.
  • We should see the pair climbing towards the bext target (0.7090) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6953.

The material has been provided by InstaForex Company – www.instaforex.com

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