FX.co ★ Technical analysis of NZD/USD for May 28, 2018

The NZD/USD pair didn't make a significant movement last week. Hence, the bias remains bullish in the nearest term testing 0.6997 or higher. The NZD/USD pair will continue rising from the level of 0.6921 in the long term. It should be noted that the support is established at the level of 0.6921 which represents the daily support on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.6921. So, buy above the level of 0.6921 with the first target at 0.6965 in order to test the daily resistance 1. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in the coming hours. If the trend is able to break the level of 0.6965, then the market will call for a strong bullish market towards the target of 0.6997 today. The level of 0.6997 is a good place to take profits. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6921, a further decline to 0.6873 can occur. It would indicate a bearish market. Overall, we are still looking for the bullish market.