28.06.201803:07 Forex Analysis & Reviews: Technical analysis of NZD/USD for June 28, 2018

Long-term review

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Overview:

The NZD/USD pair continues to move downwards from the level of 0.6840. Yesterday, the pair dropped from the level of 0.6840 to the bottom around 0.6775. This level of 0.6840 coincides with the major resistance today. Today, the first resistance level is seen at 0.6840 followed by 0.6880, while daily support 1 is found at 0.6742. Also, the level of 0.6775 represents a key price today for that it is acting as major resistance/support this week. 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 0.6840/0.6807 towards the first support level at 0.6742 in order to test it. If the pair succeeds to pass through the level of 0.6742, the market will indicate a bearish opportunity below the level of 0.6742. Then, resell again at the price of 0.6742 with the targets of 0.6716 and 0.6697. However, if a breakout happens at the resistance level of 0.6840, then this scenario may be invalidated.

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