FX.co ★ Technical analysis of NZD/USD for May 27, 2016

Overview:

• The NZD/USD pair continues to move upwards from the level of 0.6699. Yesterday, the pair rose from the level of 0.6699 to the top around 0.6743. So, today the support is seens at 0.6700 (this level of 0.6699 coincides with the double bottom). On the other hand, the first resistance level is seen at 0.6771 followed by 0.6832, while minor support is found at 0.6725. Also, the level of 0.6725 represents a daily pivot point for that it is acting as minor support at the moment. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.6725 towards the first support level at 1.9795 in order to test it. If the pair succeeds to pass through the level of 0.6771, the market will indicate a bullish opportunity above the level of 0.6832.

Trading recommendations:

• Therefore, strong support will be found at the level of 0.6699 providing a clear signal to buy at this spot 0.6669 - 0.6725 with a target seen at 0.6771. If the trend breaks the minor resistance at 0.6771, the pair will move upwards continuing the bullish trend development to the level 0.6832 in order to test the daily resistance.