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

Overview:

• The NZD/USD pair faced resistance at the level of 0.7370, while minor resistance is seen at 0.7324. Support is found at the levels of 0.7243 and 0.7180. Also, it should be noted that a daily pivot point has already set at the level of 0.7280. Equally important, the NZD/USD pair is still moving around the key level at 0.7280, which represents a daily pivot in the H4 time frame at the moment. Yesterday, the NZDUSD pair continued to move upwards from the level of 0.7280. The pair rose from the level of 0.7280 to the top around 0.7324. In consequence, the NZD/USD pair broke resistance, which turned strong support at the level of 0.7243. The level of 0.7243is expected to act as major support today. From this point, we expect the NZD/USD pair to continue moving in the bullish trend from the support level of 0.7243 towards the target level of 0.7330. If the pair succeeds in passing through the level of 0.7330, the market will indicate the bullish opportunity above the level of 0.7330 in order to reach the second target at the levels of 0.7370 and 0.7400. However, if a breakout happens at the support level of 0.7240, then this scenario may be invalidated.