FX.co ★ Technical analysis of NZD/USD for September 23, 2016

Overview:

• The NZD/USD pair faces resistance at 0.7283, while strong resistance is seen at 0.7370. Support is found at 0.7218 and 0.7155 levels. Today, the NZD/USD pair continues to move downwards from 0.7283 level. The pair could fall from 0.7283 level to the first support around 0.7218. As a consequence, if the NZD/USD pair will break support at 0.7218, this level will turn into resistance today. In the H1 time frame, the 0.7283 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7283 level towards the target at 0.7218 and 0.7155. In the short term, if the pair succeeds in passing through 0.7155 level , the market will indicate the bearish opportunity below 0.7155 level in order to reach the third target at 0.7077. Overall, we still prefer the bearish scenario below the area of 0.7283. However, the 0.7077-0.7155 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7077 level as long as this level is not breached.

Intraday technical levels:

• R3: 0.7484
• R2: 0.7421
• R1: 0.7370
• PP: 0.7288
• S1: 0.7218
• S2: 0.7155
• S3: 0.7077