NZD/USD: Trading Recommendations

Currently, NZD/USD is trading near the 0.6938 mark, receiving support from the weakening US dollar. The nearest growth targets are resistance levels 0.6976, 0.7005, 0.7035.

Their breakdown will cause further growth in NZD/USD towards the local resistance level of 0.7105 (July highs), and further to resistance levels of 0.7240 (38.2% Fibonacci retracement), 0.7300. More distant growth targets are located at resistance levels 0.7430, 0.7550 (50% Fibonacci level), 0.7600.

In an alternative scenario and after a confirmed breakout of the 0.6865 support levels (23.6% Fibonacci level), 0.6845 NZD/USD will head towards the 0.6700 support level (the lower line of the descending channel on the weekly chart). A breakdown could finally push the NZD/USD into a bear market zone and return it to the global downtrend that began in July 2014.

Trading recommendations

Sell Stop 0.6895. Stop-Loss 0.6965. Take-Profit 0.6865, 0.6845, 0.6800, 0.6700 Buy by market, Buy Stop 0.6965. Stop-Loss 0.6895. Take-Profit 0.6976, 0.7005, 0.7035, 0.7105, 0.7240, 0.7315, 0.7380, 0.7430, 0.7550, 0.7600

NU-Daily

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