Technical analysis of NZD/USD for August 24, 2018
The NZD/USD pair couldn’t break support at the level of 0.6624. The level of 0.6624 coincides with 38.2% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (0.6676) in the coming hours. The NZD/USD pair will demonstrate strength following a breakout of the high at 0.9958. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6676 with the first target at 0.6712. Then, the pair is likely to begin an ascending movement to 0.6733 mark and further to 0.6759 levels. The level of 0.6759 will act as strong resistance, because the double top is already set at 0.6759. On the other hand, the daily strong support is seen at 0.6624. If the NZD/USD pair is able to break out the level of 0.6624, the market will decline further to 0.6541 (double bottom).