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05.10.201613:03 Forex Analysis & Reviews: Technical analysis of NZD/USD for October 05, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Exchange Rates 05.10.2016 analysis

Overview:

  • As expected the NZD/USD pair continues to move downwards from the level of 0.7238. Yesterday, the pair dropped from the level of 0.7238 (this level of 0.7238 is coincides with the ratio of 38.2% Fibonacci Expansion) to the bottom around 0.7120. Today, the first resistance level is seen at 0.7238 followed by 0.7332, while daily support 1 is seen at 0.7133. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7238 and 0.7133; for that we expect a range of 105 pips. If the NZD/USD pair fails to break through the support level of 0.7133, the market will decline further to 0.7086 in order to test the double bottom. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7133 with a view to test the first support. On the contrary, if a breakout takes place at the resistance level of 0.7332 (the double top), then this scenario may become invalidated.
Mourad El Keddani
Analytical expert of InstaForex
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