NZD/USD: trade recommendations (June 11)
By Felipe Erazo
The NZD/USD found strong support near to the 50.0 Fibo Level ($0.8477), where is also located the 200 SMA and from that level, this pair has had a bullish momentum that has led it to consolidate back above the 0.8517 level, which coincides with the 500 SMA and the 23.6 Fibo Level, in the H1 chart.
If the NZD/USD fails to reach new highs above the 0.8553 level, we could be talking about a strong bullish consolidation which could lead to Kiwi to remain bullish for several more days. However, there is the possibility that this pair find resistance at current levels, because the 500 SMA could serve as dynamic resistance and eventually, the NZD/USD could form a double top pattern.
Trading recommendation: If you are currently buying this pair, hold on until the 0.8553 level. If the NZD/USD reaches that level, place your stops at breakeven and wait for a possible breakout of that level. By the other side, if the NZD/USD finds resistance at the 0.8553 level, sell until the 23.6 (0.8517) and/or 38.2 (0.8495) Fibo Level.
Chart. H1 NZD/USD