25.04.201612:26 Forex Analysis & Reviews: Technical analysis of NZD/USD for April 25, 2016

Long-term review

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After NZD/USD formed a massive support around 0.6550, rate started moving higher trading within the ascending channel. Last week, NZD/USD tested and rejected the upper trend line of the channel followed by the breakout of the 23.6% and 38.2% Fibonacci retracement levels.

At the same time, the RSI Oscillator bearish divergence is signaling on a potential trend reversal or strong correction down. Consider selling NZD/USD while rate is near S1 (0.6860), targeting either the lower channel trend line area near S3 (0.6740) or S4 (0.6665). The stop loss should be well above R1 (0.6935)

Support: 0.6860, 0.6800 0.6740, 0.6665

Resistance: 0.6935 0.7055

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