23.06.201612:47 Forex Analysis & Reviews: Technical analysis of NZD/USD for June 23, 2016

Long-term review

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Overview:

The NZD/USD pair faced resistance at the level of 0.7261, while minor resistance is seen at 0.7237. Support is found at the levels of 0.7200 and 0.7164. Yesterday, the USD/CHF pair continued to move upwards from the level of 0.7164. The pair rose from the level of 0.7164 to the top around 0.7244. In consequence, the NZD/USD pair broke resistance, which turned strong support at the level of 0.7164. Today, the level of 0.7164 is expected to act as major support. Thus, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.7200 towards the target level of 0.7261. If the pair fails in passing through the level of 0.7261, the market will indicate the bearish opportunity below the level of 0.7261 because it remains a significant resistance area. However, the price zone of 0.7261 remains a significant resistance zone. So, the trend will probably be rebounded again from the double top as long as the level of 0.7261 is not breached. In other words, sell orders are recommended below the price of 0.7261 with the first target at the level of 0.7164.

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