Technical analysis of NZD/USD for December 02, 2016
December 2, 2016 4:29 am
NZD/USD is expected to trade with bullish bias. The pair stands firmly above its key support at 0.7045, and is expected to challenge its next resistance at 0.7130. The relative strength index is bullish, without displaying any reversal signals.
To conclude, as long as 0.7045 is not broken down, a further bounce is preferred with 0.7130 and 0.7170 as targets.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7130 and the second one at 0.7170. In the alternative scenario, short positions are recommended with the first target at 0.7025 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7000. The pivot point lies at 0.7045.
Resistance levels: 0.7130, 0.7170, 0.7200
Support levels: 0.7025, 0.7000, 0.6960
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD is expected to trade with bullish bias. The pair stands firmly above its key support at 0.7045, and is expected to challenge its next resistance at 0.7130. The relative strength index is bullish, without displaying any reversal signals.
To conclude, as long as 0.7045 is not broken down, a further bounce is preferred with 0.7130 and 0.7170 as targets.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7130 and the second one at 0.7170. In the alternative scenario, short positions are recommended with the first target at 0.7025 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7000. The pivot point lies at 0.7045.
Resistance levels: 0.7130, 0.7170, 0.7200
Support levels: 0.7025, 0.7000, 0.6960
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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