Ichimoku cloud indicator analysis of NZDUSD
NZDUSD remains in a bullish trend and we use the Ichimoku cloud indicator to identify key short-term price levels that will affect trend.
NZDUSD is challenging 0.70 again, Price continues to trade above the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Support by these two indicators is at 0.6970 and 0.6938 respectively. Breaking below the tenkan-sen will most probably push price towards the kijun-sen. If 0.6938 is broken also, we expect price to move towards 0.69 and cloud support. Trend remains bullish as long as price is above the Kumo (cloud).
The material has been provided by InstaForex Company – www.instaforex.com