Technical analysis of NZD/USD for July 20, 2015 Market Analysis Review

Overview:

• The NZD/USD pair is continuing to show signs of weakness in the wake of a break at 0.6668. Therefore, the support was broken and turned to resistance last week. Moreover, the pair has already formed strong resistance at the level of 0.6668. So, the market indicates a bearish opportunity at the level of 0.6670 with the first target at 0.6680 and continues towards 0.6530. Additionally, if the trend manages to break this level and closes below 0.6530, it will be a downside momentum rather convincing. The structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at 0.6530. As a result, it will be a good sign to sell again at this level (0.6530) with the last target at 0.6498 this week in order to test the double bottom in the H1 chart. It should be borne in mind that the stop loss should never exceed your maximum exposure amounts.

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