NZD/USD - Daily technical outlook

Trading strategy: stand aside
61.8% retracement ratio of the .7150-.6805 downward move currently limits the upside at .7020 but the kiwi dollar maintains its bid tone against the dollar – thus intra-day studies being bullish while writing this. Extended gains may open .7150 which is a more notable upside barrier. Above the .7100 mark, short-term sentiment turns positive. On the south side – breaching below intra-day support at .6900/30 would cancel the bullish structure, resuming downtrend. Current quote is .6991 @07:00 GMT

Support: .6950, .6900/30, .6850/60, .6800 and .6750
Resistance: .7000/20, .7100 and .7150
Market sentiment: long term – bullish, medium term – slightly bearish, short term – bearish, intra-day – bullish

Forex Daily Analysis

AUDUSD - Resistance level is broken, look for buying opportunities above this barrier.

EURUSD - Resistance level still holds bulls from further recovery, waiting action remains.

EURGBP - Despite the recent breakout, bulls are not confident enough to overcome bears side. Waiting action holds with buying possibilities

NZDUSD -It looks like bulls are looking forward for a major trend reversal point above resistance barrier. In order to confirm bulls strength, waiting action is valid now.

NZD/USD

NZDUSD closed @ 6925 which was BELOW the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was 20 pips from Precise Trader's Sup Tgt 2.   The Hourly Oscillators are Bullish and the price is Within the MA, so the Bears have to be sidelined. Hourly Trend is Sideways Up while 6855 holds and Daily Trend is Corrective Down while 7105 holds, so expect the price  to make Higher Highs.  The  Daily Trend  was within prior day's Range. The  Hourly Trend  has been creeping higher and expect it to continue until it reaches 7040-80 levels , 6885-55  are the critical  levels to watch to maintain  the bullish outlook .  On the 5 min is along the Up Channel  and  the price patterns are suggesting higher highs  are expected. The Opening price principle suggests NZD is Strong against all the crosses so the Bulls may be in control today  and expect even the price to close near the highs.

BULLS:   6925   6855   6825       BEARS:   7035   7065   7105

Conservative Traders:  SIDELINED or strictly trade only at Precise Trader's Report Levels.       
Aggressive Traders :  LONG near   6950   6900   with a tight stop with a 50 pips price target. 

NZD/USD - Daily technical outlook

Trading strategy: stand aside

The kiwi-dollar advanced higher reaching a temporary resistance at .7000. The overnight gains were mostly caused by the much better than expected Australian Unemployment figures. The recovery of both NZD and AUD against the dollar is likely to continue, .7150 being the next key objective, once the .7000/20 resistance region will be breached. In case of pullbacks, support should emerge around .6950 and .6900. Below .6900, downtrend resumes. Current quote is .6987 @07:10 GMT

Support: .6950, .6900, .6850/60, .6800 and .6750
Resistance: .7000/20, .7100 and .7150

Market sentiment: long term – bullish, medium term – slightly bearish, short term – bearish, intra-day – bullish

NZD/USD - Daily technical outlook

Trading strategy: stand aside
The .7000 mark is in focus as the kiwi-dollar managed to breach above .6900 – level which provides intra-day support for now. If the current recovery extends higher, next barriers are formed into the .7000/20 region, followed by .7100 and .7150, higher. A downward trend line coming from .7400 through last week’s top at .7150 is currently seen around .7030, thus strengthening the technical resistance region of .7000/20. Upside is slightly favored for now, although short-term studies being bearish. Current quote is .6945 @07:20 GMT

Support: .6980/00, .6850/60, .6800 and .6750
Resistance: .6980, .7000/20, .7100 and .7150

Market sentiment: long term – bullish, medium term – slightly bearish, short term – bearish, intra-day – slightly bullish