FX.co ★ Technical analysis of NZD/USD for May 25, 2016

Overview:

• The NZD/USD pair continues to move upwards from the level of 0.6711. Today, the first support level is seen at 0.6711; the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at 0.6711. Accordingly, we expect the NZD/USD pair to trade between 0.6711 and 0.6817. So, the support is found at 0.6711, while daily resistance lies at 0.6817. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6711 and daily pivot point (0.6759). In other words, buy orders are recommended above 0.6759 with the first target at 0.6817 and the second one at 0.6861. On contrary, if the NZD/USD pair fails to break through the support at 0.6711, the market will decline further to 0.6667 today.

Daily key levels:

• Major resistance: 0.6861
• Minor resistance: 0.6817
• Intraday pivot point: 0.6759
• Minor support: 0.6711
• Major support: 0.6667

Comments:

• The support is seen at 0.6711. This support has been rejected three times confirming the veracity of an uptrend.
• The trend is still indicating a strong bullish market.