Forex Technical Analysis, NZD/USD Daily Forecast June 2, 2016
Technical Analysis – The NZD/USD pair initially went higher during the day on Wednesday, but we did find quite a bit of resistance above the 0.68 handle. I believe that although there is bullish pressure, the reality is that it is going to be difficult to continue going higher at this point. We probably will eventually, but I think that a pullback is very likely. Below, we have massive support at the 0.66 handle, so pullbacks probably won’t go that far either. Pay attention to the commodity markets, the New Zealand dollar tends to be very sensitive to the overall attitude.
In Other View Point – NU long term
i hid all the short term trendlines on this chart to get a clearer view, seems to me the last run from 0.62 to 0.68 could be a bear flag coming to an end as 0.6880 can be seen as a long term resistance level that has been pierced and failed recently more to the left you could see the other side of a massive HnS, left shoulder from 0.48 to 0.76 top oh head at 0.88 if this is the right shoulder unable to surpass 0.688 there is a long term trade coming up soon enough just my view