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19.09.201712:11 Forex Analysis & Reviews: Technical analysis of NZD/USD for September 19, 2017

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 19.09.2017 analysis

Overview:

  • The NZD/USD pair is moving in the bullish trend from the support levels of 0.7181 and 0.7231. The price is in a bullish channel.
  • This is confirmed by the RSI indicator signaling that it is still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7231, which coincides with a golden ratio (23.6% of Fibonacci).
  • Hence, the first support is set at the level of 0.7231. So, the market is likely to show signs of a bullish trend around the area of 0.7181 - 0.7231.
  • In other words, buy orders are recommended above the prices of 0.7181 - 0.7231 with the first target at the level of 0.7293.
  • Furthermore, if the trend is able to breakout through the first resistance level of 0.7293. Moreover, the pair could climb towards the second resistance 0.7343).
  • However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7131 (last bottom on the H4 chart).
Mourad El Keddani
Analytical expert of InstaForex
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