16.09.201610:12 Forex Analysis & Reviews: Technical analysis of NZD/USD for September 16, 2016

Overview:

• The NZD/USD pair rose from the level of 0.7289 towards 0.7325 yesterday. Now, the current price is set at 0.7306. On the H1 chart, the resistance is seen at the levels of 0.7325 and 0.7355. Besides, the weekly support 1 is seen at the level of 0.7289. Today, the NZD/USD pair is continuing to move in a bullish trend from the new support level of 0.7289, to form a bullish channel. Amid the previous events, we expect the pair to move between 0.7289 and 0.7355. Therefore, buy above the level of 0.7289 with the first target at 0.7325 in order to test the daily resistance 1 and further to 0.7355 (double top). The market is still in an uptrend. We still prefer the bullish scenario. Therefore, since the trend is above the level of 0.7256, the market is still in an uptrend. On the other hand, if the pair fails to pass through the level of 0.7355, the market will indicate a bearish opportunity below the level of 0.7355. The market will decline further to 0.7289 in order to return to the daily pivot point. Additionally, a breakout of that target will move the pair further downwards to 0.7256.