Technical analysis of NZD/USD for December 09, 2016
December 9, 2016 4:43 am
NZD/USD is expected to prevail its downside movement. The pair broke below its 50-period moving average and consolidated on the downside. Technically, double tops are identified on December 8 which posts a negative outlook to the pair. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Thus, as long as 0.7190 holds on the upside, look for a further drop toward 0.7150. A break below this level would call for a further drop toward 0.7130, below 0.7130 look for further downside target at 0.7100.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7130. A break below this target will move the pair further downwards to 0.7100. The pivot point stands at 0.7190. In case the price moves in the opposite direction and bounces back from the support level, it will go above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7210 and the second one at 0.7225.
Resistance levels: 0.7210, 0.7225, 0.7260
Support levels: 0.7130, 0.7100, 0.7065
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD is expected to prevail its downside movement. The pair broke below its 50-period moving average and consolidated on the downside. Technically, double tops are identified on December 8 which posts a negative outlook to the pair. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Thus, as long as 0.7190 holds on the upside, look for a further drop toward 0.7150. A break below this level would call for a further drop toward 0.7130, below 0.7130 look for further downside target at 0.7100.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7130. A break below this target will move the pair further downwards to 0.7100. The pivot point stands at 0.7190. In case the price moves in the opposite direction and bounces back from the support level, it will go above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7210 and the second one at 0.7225.
Resistance levels: 0.7210, 0.7225, 0.7260
Support levels: 0.7130, 0.7100, 0.7065
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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