Technical analysis of NZD/USD for June 5, 2015 Market Analysis Review

Overview:

Amid previous events, the NZD/USD pair is still moving between the level of 0.7079 and 0.7199. The level of 0.7079 represents a weekly double bottom in the H1 chart. It should be noted that the weekly double bottom coincides with the ratio of 00% Fibonacci retracement levels. Consequently, the new resistance has set at the level of 0.7153; for that sell below the level of 0.7153 in the long term with the first target at 0.7100. If the trend is able to break the first support at 0.7100, it might resume to 0.7079 in order to test the double bottom in the same time frame. On the other hand, the stop loss should never exceed your maximum exposure amounts. Thus, it will be rather profitable to set your stop loss at the level of 1.7205.

Observations:

The resistance has set at the level of 0.7199 and support is found at 0.7079.

The key level is at 0.7117 today.

Expect a daily range of 68 pips

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for June 5, 2015 . Thanks for your support.