FX.co ★ Technical analysis of NZD/USD for May 26, 2016

Overview:

• The NZD/USD pair continues to move upwards from the level of 0.6692. The pair rose from the level of 0.6692 (the level of 0.6692 to a top around 0.6733. Today, the first support level is seen at 0.6692 followed by 0.6667, while daily resistance 1 is seen at 0.6764. According to the previous events, the NZD/USD pair is still moving between the levels of 0.6700 and 0.6764. On the one-hour chart, immediate resistance is seen at 0.6726, which coincides with a ratio of 23.6% Fibonacci retracement. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. But, the price is still below the moving average (100), therefore, if the trend is able to break out through the first resistance level of 0.6764, we should see the pair climbing towards the daily resistance at 0.6802 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 0.6667.

Intraday technical levels:

• R3: 0.6915
• R2: 0.6802
• R1: 0.6764
• PP: 0.6733
• S1: 0.6692
• S2: 0.6667
• S3: 0.6586