FX.co ★ Technical analysis of NZD/USD for February 10, 2016

Overview:

• The NZD/USD pair continues to move upwards from the level of 0.6613. Today, the first support level is currently seen at 0.6613, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.6613, which coincides with the 50% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the NZD/USD pair to trade between 0.6613 and 0.6766. So, the support stands at 0.6613, while daily resistance is found at 0.6766. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6613. In other words, buy orders are recommended above the spot of 0.6613/06625 with the first target at the level of 0.6703; and continue towards 0.6766. However, if the NZD/USD pair fails to break through the resistance level of 0.6766 today, the market will decline further to 0.6650.

Daily key levels:

• Major resistance: 0.6766
• Minor resistance: 0.6703
• Intraday pivot point: 0.6613
• Minor support: 0.6551
• Major support: 0.6473