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Currency Analyst since 2010

NZD/USD: trade recommendations

By Felipe Erazo

The NZD/USD has found support on the 61.8 Fibo level $0.8706) in the H1 chart. Now this pair is trying to make a bullish rebound to strengthen the current bullish trend in the NZD/USD, because this pair made ​​a bearish retracement from the $0.8748 level. A breakout at the resistance level of $0.8732 (23.6 Fibo level) could lead to this pair to rise until the level of $0.8748.

However, keep in mind that if the NZD/USD manages to consolidate below the 61.8 Fibo level, the bearish trend could extend to the support level of 0.8680, which coincides with the 100.0 Fib level. We must be aware of the bullish divergence that has formed in the CCI indicator, as this could result in strengthening of the bearish bias.

Trading recommendations: If you are currently buying this pair, hold your current long positions until the resistance level of $0.8748. Also, if you want to sell the NZD/USD, wait for a breakout at the support level of $0.8706, with take profit at the $0.8680 level (100.0 Fibo level).

 

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