27.10.201608:49 Forex Analysis & Reviews: Technical analysis of NZD/USD for October 27, 2016

Long-term review

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Overview:

The NZD/USD pair continues moving upwards from the level of 0.7149.
The pair rose from the level of 0.7149 which coincides with a ratio of 50% (Fibonacci retracement) to a top around 0.7177.
The first support level is seen at 0.7149 followed by 0.7122/0.7089, while daily resistance 1 is seen at 0.7216.
The price spots at 0.7122 and 0.7089 remain a significant support zone. Thus, the trend is still bullish as long as the level of 0.7089 is not breached.
Amid the previous events, the NZD/USD pair is still moving between the levels of 0.7149 and 0.7216, so we expect a range of 67 pips (0.7216 - 0.7149).
On the 1H chart immediate resistance is seen at 0.7177, which coincides with a ratio of 61.8% Fibonacci retracement.
Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator, signaling that we are still in a bullish trending market.
Therefore, if the trend is able to break out through the first resistance level of 0.7177, we should see the pair climbing towards the daily resistance at 0.7216 to test it.
On the other hand, it would also be wise to consider where to place stop loss; this should be set below the second support of 0.7089.

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