FX.co ★ Technical analysis of NZD/USD for February 01, 2017

Overview:

• The support level for the NZD/USD pair is seen at 0.7261. The pair has formed a double bottom at 0.7221.
• According to previous events, the double bottom also coincides with the major support this week.
• Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the support levels of 0.7261 and 0.7221.
• It will be advantageous to buy above the support area of 0.7261 with the first target at 0.7312 so as to test the double top in the H1 chart.
• Additionally, if the pair breaks the price of 0.7312, then it will continue towards 0.7350 with a view to test the weekly resistance 1.
• However, the stop loss has always been taken into account. Thus, it will be useful to set it below the support at the level of 0.7221.