NZD/USD Forex Technical Analysis for June 9, 2016
Technical Analysis – The NZD/USD pair broke higher during the course of the session on Wednesday, breaking above the top of the range for the Tuesday session. It looks as if we are going to test the highs and the 0.7050 level, so with that we believe that short-term pullbacks might be an opportunity to pick up a little bit of value in what is obviously a very bullish market at this moment. If we can break above the 0.7050 level, the market should enter more of a “buy-and-hold” type of situation. I have no interest in selling at this point in time.
In Other View Point – WILL KIWI CONTINUE TO RALLY HIGHER ?? KEY RESISTANCE AHEAD
Kiwi skyrocketed last night after the interest rate decision currently trading around 0.714 area is approaching key resistance ahead … Levels from last year that we broke below are now ready to act as resistance ? will it be enough to push the Kiwi lower or will Kiwi break out and post newer highs.Currently the only thing I see which might hold the pair is the resistance zone of 0.7152 and 0.7228 areas.Once above it Kiwi could very well complete 100%extension @ of the current medium term bullish trend.So if price breaks above the resistance zone.It should be considered the first target.Above it next level to watch out for would be 0.7564.However if the price fails to break higher we may see a retest of the minor supports @ 0.7044 – 0.7088 area.