FX.co ★ Technical analysis of NZD/USD for June 2, 2015

Overview:

• According to the previous events, the NZD/USD pair is trading between 0.7080 and 0.7166. It should be noted that the key level is set at 0.7166 which represents a ratio of 23.6% Fibonacci retracement levels in the H1 chart. The double bottom will be formed at the level of 0.7080. Therefore, it will be a good idea to buy above 0.7080 with the first target at 0.7123. It will call for an uptrend in order to continue its bullish movement towards 0.7160. On the other hand, the stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be set below the double bottom at the level of 0.7045. Notes:
• We expect a new range about 58 pips today.
• The key level will set at 0.7080 (double bottom).
• The resistance is seen at the level of 0.7166.
• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.