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Technical analysis of NZD/USD By INSTAFOREX

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  #1  
Old 08-01-2016, 08:18
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Default Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair was calling for the bearish market from the level of 0.6707 since yesterday. The level of 0.6707 is representing resistance 1.
Therefore, it will be a good sign to sell below 0.6707 with the first target of 0.6601 (the daily pivot point). It will call for uptrend in order to continue its bearish movement towards 0.6534.
Stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed above the double top at the price of 0.6725.

Notes:
Strong resistance will be set at the level of 0.6707.
The double top is going to set at 0.6725 level.
The price hit the weekly pivot point and the support 1 yesterday.




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  #2  
Old 11-03-2016, 20:12
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to trade in a lower range. The pair yesterday broke below its intraday trading range pattern, which should confirm a bearish outlook. The 20-period simple moving average is also turning down, and crossed below the 50-period one. Besides, the relative strength index is badly directed, and is calling for a new drop. From this viewpoint, as long as 0.6720 is not surpassed, the pair is likely advance to 0.6600 and 0.6570 in extension.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6600. A break of this target will move the pair further downwards to 0.6570. The pivot point stands at 0.6720. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6780 and the second target at 0.6820.





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  #3  
Old 15-07-2016, 10:58
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair fell from the level of 0.7316 towards 0.7215. Now, the price is set at 0.7200. The resistance is seen at the level of 0.7240 and 0.7316. Moreover, the price area of 0.7240 - 0.7316 remains a significant resistance zone. Today, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.

The pair is expected to drop lower towards at least 0.7074 so as to test the daily support 2 ( first support is seen at 0.7181).
Thus, amid the previous events, the price is still moving between the levels of 0.7240 and 0.7181. If the NZD/USD pair fails to break through the first support level of 0.7181, the market will decline further to 0.7074 as the second target.
On the contrary, if a breakout takes place at the resistance level of 0.7320, then this scenario may become invalidated.




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  #4  
Old 21-07-2016, 17:11
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair is still below the daily resistance (0.7069). Yesterday, it continued to move downwards from the level of 0.7070 to the bottom around 0.6951. Today, the first resistance level is seen at 0.7000 followed by 0.7070, while daily support 1 is seen at 0.6910. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.7000. So it will be good to sell at 0.7000 with the first target of 0.6951 to test it again. It will also call for a downtrend in order to continue towards 0.6910. Today, we expect the NZD/USD pair to move between 0.7000 and 0.6910. Therefore, a new support will be formed at the level of 0.6910. The market is still in an uptrend. We still prefer the bullish scenario, as long as the level of 0.7070 is not breached.

Bullish outlook:
However, if the trend fails to break the level of 0.6910, the pair will move upwards continuing the development of the bullish trend to the level 0.6960. In the same time frame, resistance is seen at the levels of 0.7000 and 0.7070. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 0.6877.




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  #5  
Old 14-10-2016, 15:13
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair broke the support level at 0.7175 which acts as a resistance now. Amid the previous events, the NZD/USD pair is likely to move between the levels of 0.7175 and 0.6983 in the coming hours. The trend is still below the 100 EMA so the bearish outlook remains valid as long as the 100 EMA is headed to the downside. Consequently, the price spot of 0.7175 remains a significant resistance zone. Accordingly, there is a possibility that the NZD/USD pair will move downwards.
The structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.7175, sell below 0.7170 with the first target at 0.6983. The level of 0.7175 coincides with 61.8% of Fibonacci, which is expected to act as a major resistance today. Since the trend is below the 61.8% Fibonacci level, the market is still in a downtrend.

Overall, we still prefer the bearish scenario. Don't forget to set a stop loss above the last bullish wave at the level of 0.7190.




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  #6  
Old 28-10-2016, 05:04
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

On May 30, obvious bullish rejection was expressed around the price level of 0.6675 (lower limit of the depicted channel). That is why the recent bullish breakout is taking place above 0.6860.

As long as the NZD/USD pair keeps trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.

On July 12, the price zone of 0.7350 - 0.7400 (upper limit of the depicted channel) enhanced a quick bearish decline towards the price levels of 0.6960 where the recent bullish swing was initiated.

Recently, the price zone between 0.7470-0.7500 has corresponded to the upper limit of the depicted movement channel where bearish rejection and a valid SELL entry were expressed few weeks ago.

On October 20, the mark of 0.7245 was a prominent key-level to determine the next destination for the NZD/USD pair.

As expected, evident bearish rejection around 0.7250 offered a valid SELL signal (already running in profits). Initial T/P levels should be located at 0.7070 and 0.6970.

Please take into consideration that the price level around 0.7100 (lower limit of the depicted channel) constitutes a short-term support Level. That's why, temporary bullish recovery is being expressed before further bearish decline can take place.

Note that the price zone between 0.6960-0.6860 remains a significant support zone to be watched for a valid BUY entry if bearish pullback manages to extend below 0.7100.




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  #7  
Old 01-12-2016, 12:23
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
As expected the NZD/USD pair continues to move downwards below the level of 0.7178. Yesterday, the pair dropped from the level of 0.7138 to the bottom around 0.7073. Today, the first resistance level is seen at 0.7136 followed by 0.7187, while daily support 1 is seen at 0.7021. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7136 and 0.7021; for that we expect a range of 115 pips (0.7136 - 0.7021). Hence, if the NZD/USD pair fails to break through the resistance level of 0.7136 , the market will decline further to the levels of 0.7050 and 0.7021. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.

The pair is expected to drop lower towards at least 0.6971 with a view to test the double bottom in the H4 time frame. On the contrary, if a breakout takes place at the resistance level of 0.7187 (major resistance), then this scenario may become invalidated.




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  #8  
Old 09-12-2016, 10:10
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair continued moving upwards from the level of 0.7126.
Current price is set at 0.7174. The pair rose from the level of 0.7126 (daily support) to the top around 0.7222. Today, the first support level is seen at 0.7150 followed by 0.7126, while daily resistance is seen at 0.7280. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7126 and 0.7280 in coming hours.

The NZD/USD pair faces resistance at 0.7223, while strong resistance is seen at 0.7280.
Furthermore, if the trend is able to break out through the first resistance level of 0.7223, we should see the pair climbing towards the new double top (0.7280).
On the other hand, if a breakout takes place at the support level of 0.7126, then this scenario may become invalidated. So, it should be set below the second support of 0.7066.




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  #9  
Old 23-12-2016, 11:28
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/JPY is expected to trade with bearish bias. The pair is rebounding above its 20-period and 50-period moving averages. The relative strength index is above its neutrality level at 50. However, 0.6965 is playing a key resistance role. We are cautious now. As long as 0.6965 is not surpassed, we keep our negative view unchanged with a first downside target at 0.6890. If the price breaks below it, look for a further decline towards 0.6850 as possible.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6890. A break below this target will move the pair further downwards to 0.6850. The pivot point stands at 0.6965. In case the price moves in the opposite direction and bounces back from the support level, it will go above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6990 and the second one at 0.7040.

Resistance levels: 0.7000, 0.7045, 0.7080
Support levels: 0.6890, 0.6850, 0.6800




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  #10  
Old 30-12-2016, 16:50
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD upward movement is supported by a rising trend line. The pair has been supported by a bullish trend line since December 28. The relative strength index stands firmly above its neutrality level at 50 without any reversal signal. Therefore, as long as 0.6945 is not broken below, the pair is expected to post further rebound to challenge 0.6975 at first.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.6975 and the second one at 0.6990. In the alternative scenario, short positions are recommended with the first target at 0.6930 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6915.

The pivot point lies at 0.6945.
Resistance levels: 06975, 0.6990, 0.6715
Support levels: 0.6930, 0.6915, 0.6865




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  #11  
Old 16-02-2017, 21:42
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair movement was clear as it took place in an uptrend channel for a while. The trend showed signs of a bullish market. Amid the previous events, the price is still moving between the levels of 0.7191 and 0.7283. The daily resistance and support are seen at the levels of 0.7250 and 0.7283 respectively. Hence, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 0.7191; to form a bullish channel. Besides, it should be noted major resistance is seen at 0.7283, while immediate resistance is found at 0.7255.

Then, we may anticipate potential testing of 0.7255 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.7255, the market will indicate a bullish opportunity above the level of 0.7255. A breakout of that target will move the pair further upwards to 0.7283. Buy orders are recommended above the area of 0.7191 with the first target at the level of 0.7255; and continue towards 0.7283. On the other hand, if the NZD/USD pair fails to break out through the resistance level of 0.7283; the market will decline further to the level of 0.7255 to set around it for a while. Generally, we still prefer a bearish market in coming hours.




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  #12  
Old 17-02-2017, 18:09
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
Amid the previous events, the price is still trading between the levels of 0.7162 and 0.7226. The NZD/USD pair movement was controversial as it took place in a narrow sideways channel for a while. The market showed signs of instability. On the H1 chart, the daily resistance and support are seen at the levels of 0.7226 and 0.7162 respectively.

Resistance is seen at the level of 0.7226 today. So, sell below 0.7226 with the first target at 0.7190 to test yesterday's bottom. In overall, we still prefer the bearish scenario as long as the price is below the level of 0.7190. Furthermore, if the NZD/USD pair is able to break out the bottom at 0.7190; the market will decline further to 0.7162. Also, it should be noted that the double bottom is seen at 0.7134. On the other hand, stop loss should always be taken into account accordingly. It will be beneficial to set the stop loss above the last bullish wave at the level of 0.7226.




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  #13  
Old 23-02-2017, 07:27
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to trade in higher range as the bias remains bullish. The pair is consolidating around its 20-period and 50-period moving averages. Nevertheless, 0.7145 is playing a key support role, which should limit the downside potential. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 0.7145 is support, look for a further upside toward 0.7190 and even 0.7205 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7190 and the second one at 0.7205. In the alternative scenario, short positions are recommended with the first target at 0.7125, if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7110. The pivot point is at 0.7145.
Resistance levels: 0.7235, 0.7260, and 0.7260
Support levels: 0.7130, 0.7110, and 0.7070




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  #14  
Old 24-02-2017, 13:06
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair continues to move downwards from the level of 0.7220. Currently, the price is seen at 0.7240. Today, the first resistance level is seen at 0.7220 followed by 0.7265 (major resistance), while the daily support 1 is found at 0.7118. Besides, the level of 0.7118 represents a daily pivot point for that it is acting as a key level today.

Amid the previous events, the pair is still in a downtrend because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7265 towards the first support level at 0.7118 in order to test it. If the pair succeeds to pass through the level of 0.7118, the market will indicate a bearish opportunity below the level of 0.7118 with the second target of 0.7057. However, if a breakout happens at the resistance level of 0.7265, then this scenario may be invalidated.




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  #15  
Old 02-03-2017, 20:11
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

On December 16, the price level of 0.6960 failed to apply enough bullish pressure. Instead, bearish movement continued toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.
A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (Key level) which failed to provide sufficient bearish pressure on the pair.
Bullish persistence above 0.7100 allowed further bullish advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action should be expected.

That is why daily candlestick closure below 0.7100 is needed to support this bearish scenario.
Otherwise, the NZD/USD pair will remain trapped within the depicted consolidation range (0.7100-0.7250).




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  #16  
Old 03-03-2017, 16:17
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The trend of the NZD/USD pair movement was controversial as it took place in a downtrend channel. Amid the previous events, the price is still moving between the levels of 0.7129 and 0.6942. Also, the daily resistance and support are seen at the levels of 0.7129 and 0.6942 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel is completed on the H4 chart.

The market moved from its bottom at 0.7072 and continued to fall towards the top of 0.7020. Today, the current rise will probably remain within a framework of correction around the area of 0.7072 or 0.7100. However, if the pair fails to pass through the level of 0.7072 or 0.7100, the market will indicate a bearish opportunity below the strong resistance level of 0.7072 or 0.7100 (the level of 0.7072 coincides with the ratio of the 38.2% Fibonacci Expansion). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.7072 or 0.7100 with the first target at 0.7000.
If the trend breaks the support level of 0.7000, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6942 in order to form a new double bottom.




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  #17  
Old 09-03-2017, 17:52
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

On December 16, the price level of 0.6960 failed to apply enough bullish pressure. Instead, bearish movement continued toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

Bearish persistence below 0.7250 is needed to allow further bearish decline toward 0.7100 (note the previous bearish DAILY candlesticks expressed within the SELL-Zone).
As anticipated, bearish persistence below 0.7100 (Key-Level) allows further bearish movement toward 0.6960 which failed to provide enough bullish support for the pair.
That is why, further bearish fall is expected towards 0.6860 (the lower limit of the depicted BUY zone) where price action should be watched for a possible BUY entry.




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  #18  
Old 10-03-2017, 07:42
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

On December 16, the price level of 0.6960 failed to apply enough bullish pressure. Instead, bearish movement continued toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

As anticipated, bearish persistence below 0.7100 (Key-Level) allows further bearish movement toward 0.6960 which failed to provide enough bullish support for the pair.
That is why, further bearish fall is expected towards 0.6860 (the lower limit of the depicted BUY zone) where price action should be watched for a possible BUY entry.




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  #19  
Old 16-03-2017, 22:26
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair was trading around the area of 0.7075- 0.6946 Today, the level of 0.7075 represents the double top on the H4 chart. The pair has already formed minor resistance at 0.6946 and the strong resistance is seen at the level of 0.7004 because it represents the weekly resistance 1. So, major resistance is seen at 0.7004, while immediate support is found at 0.6889. If the pair closes below the price of 0.6889, the NZD/USD pair may resume its movement to 0.6850 to test the daily support 2.

We expect the NZD/USD pair to move between the levels of 0.6946 and 0.6850. Equally important, the RSI is still calling for a strong bearish market. The current price is also below the moving average 100. As a result, sell below the double top of 0.6946 with targets at 0.6869 and 0.6850. However, stop loss should always be taken into account; accordingly, it will be good to set the stop loss above the last bullish wave at the level of 0.7004.




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  #20  
Old 17-03-2017, 08:52
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD had a long non-volatile bearish trend since it had bounced from the resistance area near 0.7240. However, after the FOMC had announced its decision to hike the rate, USD showed some bearish interference in the market. Today, New Zealand posted the Business Manufacturing Index which showed a stable increase from the previous reading of 52.2 to 55.2. Speaking about USD, it will also see some key events today such as the G20 meeting and the Preliminary UoM Consumer Sentiment which previously was at 96.3 and is expected to rise to 97.1. Besides, the Industrial Production report is due to be revealed. Previously it was at -0.3% but today a positive result of 0.3% is expected. So, this day is quite important for USD as some crutial high-impact data is going to be published.

Now let us look at the technical picture. The price found the resistance at 20 EMA yesterday after an impulsive bullish move of USD triggered by the interest rate hike decision. Currently, the price is in the middle of the structure and a much deeper decline is expected towards 0.6900 area within yesterday's bearish impulsive move. On the other hand, if the price breaks above the recent high at 0.7050 with a daily close, we will be expecting bullish move towards the resistance at 0.7130.




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  #21  
Old 22-03-2017, 23:30
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to trade with a bearish bias. The pair recorded a succession of lower tops and lower bottoms, which confirms a bearish outlook. The declining 20-period moving average crossed below the 50-period one and is playing a resistance role. The relative strength index is bearish below its neutrality level at 50 and is heading downwards.
As long as 0.7065 holds on the upside, look for a further drop toward 0.7000 and even 0.6975 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7000. A break below this target will move the pair further downwards to 0.69755. The pivot point stands at 0.7065. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7090 and the second one at 0.7115.




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  #22  
Old 23-03-2017, 21:17
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

The price continues to test our selling area as expected and is seeing a nice bearish reaction below the 0.7065 resistance (Fibonacci retracement, Fibonacci extension) where we expect a drop to at least the 0.6968 support (Fibonacci retracement, recent swing low support). We can see that the price has made a bearish exit in a similar fashion to Stochastic, which gives us stronger conviction of a drop from here.

Stochastic (21,5,3) sees major resistance at 95% and has bearish divergence; while the price signals that a strong drop is impending as it has made a bearish exit.
Sell below 0.7065. Stop loss at 0.7113. Take profit at 0.6968.




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  #23  
Old 24-03-2017, 16:16
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

The price continues to drop nicely from our selling area as expected and is seeing a nice bearish reaction below 0.7065 resistance (Fibonacci retracement, Fibonacci extension) where we expect a drop to at least 0.6968 support (Fibonacci retracement, recent swing low support). We can see that the price has made a bearish exit in a similar fashion to Stochastic which gives us stronger conviction of a drop from here.
Stochastic (21,5,3) sees major resistance at 95% and has bearish divergence versus the price which signals a strong drop is impending. It has also made a reaction off its bearish pullback with good downside potential.
Sell below 0.7065. Stop loss is at 0.7113. Take profit is at 0.6968.




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  #24  
Old 29-03-2017, 22:45
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.
A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.

Recently, the bullish breakout above the depicted key level (0.6960) was achieved. That is why any bearish pullback toward 0.6960 should be watched for bullish rejection and a possible BUY entry.
On the other hand, the price level of 0.7100 remains a significant key level to be watched for bearish price action if the current bullish pullback persists above 0.7040.




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  #25  
Old 31-03-2017, 16:32
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD is still trading around the spot of 0.7004. Thus, the NZD/USD pair did not make any significant movements yesterday. There are no changes in our technical outlook. The pair has already formed minor resistance at 0.7004 and the strong resistance is seen at the level of 0.7075 because it represents the weekly resistance 1. Moreover, the NZD/USD pair is still moving around the zone of 0.7075 (major resistance). So, major resistance is seen at 0.7075, while immediate support is found at 0.6946. If the pair closes below the price of 0.6946, the NZD/USD pair may resume its movement to 0.6850 to test the daily support 2.

The NZD/USD pair is expected to trade between the levels of 0.7004 and 0.6850. The RSI is still calling for a strong bearish market since two weeks. The current price is also below the moving average 100. As a result, sell trades are recommended below the double top of 0.7004 with targets at 0.6869 and 0.6850. However, stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.7075. Additionally, the pair will probably decline because the downward trend is still strong.




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  #26  
Old 04-04-2017, 21:50
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

The price has bounced perfectly off our support and has made a bullish exit. We remain bullish above major support at 0.6992 (Fibonacci retracement, horizontal support, Fibonacci extension) for a push up to the 0.7091 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) has made a similar bullish exit signalling the price is going to rise alongside Stochastic as it has good upside potential.

Buy above 0.6992. Stop loss at 0.6955. Take profit at 0.7091.




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  #27  
Old 06-04-2017, 23:28
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to trade with bullish outlook. The pair posted a rebound and broke above the 20-period and 50-period moving averages, which play support roles. The 20-period moving average is turning up. The relative strength index is bullish and calls for a further upside.
To conclude, as long as 0.6955 is support, look for a new rise to 0.6990 and 0.7005 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.6990 and the second one at 0.7005. In the alternative scenario, short positions are recommended with the first target at 0.6935, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6915.
The pivot point is at 0.6955.
Resistance levels: 0.6955, 0.7005, and 0.7020
Support levels: 0.6935, 0.6915, and 0.6870




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  #28  
Old 07-04-2017, 17:51
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is currently in impulsive bearish pressure with a volatile trend. This week NZD has not had any high-impact event except for ANZ Commodity Prices which was published at 0.4%, previously which was at 2.0%. Today is a big day for USD currency pairs, as Non-Farm Employment Change is going to be published today. It is expected that Non-Farm Employment change is expected to be at 174k which previously was at 235k. Along with it, Unemployment rate is going to be published today which is expected to be unchanged at 4.7% and Average Hourly Earnings report is also expected to be unchanged at 0.2% as well. Today it is going to be a very volatile day for all USD pairs and NZD/USD is expected to show quite good amount of volatility as well.

Now let us look at the technical view, the pair has been very volatile and 20 EMA has been working as a dynamic resistance recently. As of most volatile economic events that are going to be published today, a good amount of volatility is expected in this pair but as of the price structure forming before the news it is expected that the price will head towards the support of 0.6890 by the daily close today. For the coming days, if the price breaks below the support 0.6890 with a daily close then we will be looking forward for more downward moves or else any bounce off the support will push the bulls in again.




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  #29  
Old 12-04-2017, 02:25
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair continues to trade downwards from the spot of 0.6988. The market is still moving around 0.6969. Today, resistance is seen at the levels of 0.6988 and 0.7018. So, we expect the pair to set below the strong resistance at the levels of 0.6988 or/and 0.7018 because the price is in a bearish channel now. Amid the previous events, the price is still trading between the levels of 0.7018 and 0.6900. We prefer the bearish scenario as long as the price is below the level of 0.7018.

In other words, sell orders are recommended below the spot of 0.7018. Then, the pair is likely to begin a descending movement to 0.6939. The level of 0.6939 will act as a strong support, and the double bottom is already set at this level. The market will continue to move further to the 0.6900 level. On the other hand, the daily strong resistance is seen at 0.7018. If the NZD/USD pair is able to break out from the level of 0.7018, the market will rise further to 0.7067.




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  #30  
Old 14-04-2017, 13:26
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.
A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.

Recently, the bullish breakout above the depicted key level (0.6960) was achieved.
That is why the current bearish pullback toward 0.6960 should be watched for bullish rejection and a possible BUY entry.
On the other hand, the price level of 0.7100 remains a significant key level to be watched for bearish price action when bullish pullback extends above 0.7040.




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  #31  
Old 20-04-2017, 19:11
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to trade with bullish bias as the pair is hovering above the support at 0.7010. The pair broke above the 20-period and 50-moving averages with strong upward momentum. In addition, the 20-period moving average is turning up. The relative strength index calls for a new upleg.
Therefore, as long as the support holds at 0.7010, look for a further rise to 0.7060 and even to 0.7090 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7060 and the second one at 0.7090. In the alternative scenario, short positions are recommended with the first target at 0.6995 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6980. The pivot point is at 0.7010.

Resistance levels: 0.7060, 0.7090, and 0.7135
Support levels: 0.6995, 0.6980, and 0.6960




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  #32  
Old 21-04-2017, 17:13
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Price has dropped to our buying level as expected and started to bounce up again. We remain bullish looking to buy on dips above 0.6985 support (Fibonacci retracement, horizontal overlap support) for a further push up to 0.7092 resistance (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above the 3.9% level where we expect a further bounce from.
Buy above 0.6985. Stop loss at 0.6934. Take profit at 0.7092.




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  #33  
Old 26-04-2017, 17:11
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to prevail the downside movement. The pair is consolidating on the downside. The downward momentum is further reinforced by the declining 50-period moving average. The relative strength index is below its neutrality level at 50.
Hence, as long as 0.6960 holds on the upside, look for a further drop to 0.6905 and even to 0.6885 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6925. A break below this target will move the pair further downwards to 0.6905. The pivot point stands at 0.6985. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7005 and the second one at 0.7020.




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  #34  
Old 28-04-2017, 19:15
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZDUSD has been impulsively bearish throughout the week taking the price all the way down from 0.7050 to 0.6890. Today, NZD Building Consents report was published with a negative figure at -1.8% which previously was at 17.2% and Trade Balance report was also not quite as forecasted at 332M which was expected to be at 375M. Besides, ANZ Business Confidence report was also published today which did show a bit of change at 11.0 which previously was at 11.3. On the other hand, on the USD front Flash GDP report is due today, which is expected to show a decline to 1.3% which previously was at 2.1%. Employment Cost Index is expected to show a slightly better value of 0.6% which previously was at 0.5%. Among the other events in the US is FOMC Member Brainard is about to speak today about key interest rates and further monetary policies. The market is likely to be quite volatile today during the US events. So a daily close today will help to predict a further dynamic in this pair.

Now let us consider the technical view. The price is currently residing just below the important price level of 0.6890. Yesterday, the market closed with an indecision candle ahead of today's NZD and USD events. If the price remains below the resistance level of 0.6890 with a daily close today, then we can expect the price to move down to 0.6700 support level. On the other hand, if the price closes above 0.6890 level with a daily close, then we may see the price moving further up towards 0.6980 level. A daily close today is needed to predict a further move in this pair.




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  #35  
Old 05-05-2017, 15:02
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

Overview:
The NZD/USD pair is showing signs of strength after a bounce from the lowest level of 0.6847. The level of 0.6847 coincides with the double bottom, which is expected to act as a minor support today. Besides, the double bottom is seen at the point of 0.6847. Since the trend is above the level of 0.6847, the market is still in an uptrend because the major support is seen at the level of 0.6847. Furthermore, the trend is still showing strength above the moving average (100).

Thus, the market is indicating a bullish opportunity above the mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is heading upwards. Therefore, strong support will be found at the level of 0.6847 providing a clear signal to buy with a target seen at 0.6998. If the trend breaks the minor resistance at 0.6998, the pair will move upwards continuing the bullish trend development to the level 0.7053 in order to test the double top. However, if the NZD/USD pair fails to break through the resistance level of 0.6922 today, the market will decline further to 0.6847 to retest it.




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  #36  
Old 11-05-2017, 22:02
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to trade in lower range. The pair broke below its former key support at 0.6880, which becomes a key resistance now, and accelerated on the downside. The relative strength index has broken below its 30% level. The 20-period moving average crossed below the 50-period one, which is negative.
As long as 0.6880 holds on the upside, look for a further drop towards 0.6800 and even 0.6775 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6800. A break below this target will move the pair further downwards to 0.6775. The pivot point stands at 0.6880. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6915 and the second one at 0.6950.




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  #37  
Old 12-05-2017, 20:20
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is under pressure. The pair is trading below its key resistance at 0.6880, which should limit the upside potential. The relative strength index below its neutrality level at 50 and lacks upward momentum.
As long as the key level at 0.6880 holds on the upside, look for a further drop towards 0.6800 and even 0.6775 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6800. A break below this target will move the pair further downwards to 0.6775. The pivot point stands at 0.6860. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6880 and the second one at 0.6915.




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  #38  
Old 18-05-2017, 22:26
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to trade with a bullish outlook. The technical outlook of the pair is positive as the prices recorded higher tops and higher bottoms since May 16. The upward momentum is further reinforced by the rising 50-period moving average. The relative strength index is bullish and calls for a further advance.
Therefore, as long as 0.6870 is not broken, expect a new challenge to 0.6970 and even to 0.7000 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.6970 and the second one at 0.7000. In the alternative scenario, short position is recommended with the first target at 0.6855 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6835. The pivot point is at 0.6870.




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  #39  
Old 19-05-2017, 19:39
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is currently going through a volatile corrective structure. Today, New Zealand released Visitor Arrivals report which showed an increased figure at 3.5% from 1.9% previously. Credit Card Spending declined to 6.4% which previously was at 7.2%. On the back of mixed data and lack of economic data from the US, today the pair is currently trading in the range of 0.6840 to 0.6940. Since yesterday, USD has been gaining ground against NZD. So any positive news on USD side will help USD to advance more against NZD.

Now let us look at the technical chart. The price is currently in a corrective structure inside a range between 0.6840 and 0.6940. As the dynamic level of 20 EMA is holding the price as resistance and overall trend is bearish, we expect a bearish move in the coming days. Unless the range is breached upward or downward with a daily close, we should refrain from taking a decision about a further price movement in this pair. A daily close below 0.6840 will open the pathway for a downward target towards 0.6660 support level. Alternatively, a daily close above 0.6940 will open the pathway for upward move towards 0.7100 resistance level.




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  #40  
Old 24-05-2017, 20:07
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Default Re: Technical analysis of NZD/USD By INSTAFOREX

NZD/USD is expected to trade in a higher range as the bias remains bullish. Despite the pair retreating from 0.7050 (the high of May 23), the pair is still above the key support at 0.6980, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.

Therefore, as long as 0.6980 holds on the downside, expect a rebound with a first target at 0.7050.
A break above this level would bring a new rise to 0.7080. The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7050 and the second one at 0.7080. In the alternative scenario, the short position is recommended with the first target at 0.6960 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6930. The pivot point is at 0.6980.




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