Technical analysis of NZD/USD for Feburary 10, 2017
February 10, 2017 9:32 am
NZD/USD is under pressure. The pair shows further downside potential after failing to break above its key resistance at 0.7225 (Jan. 25 and 26 bottoms), which should limit the upside potential. The descending 50-period moving average is playing a resistance role and suggests that the price still has potential for a further downside. The relative strength index is below its neutrality level at 50. As long as 0.7225 is not broken, look for a further drop towards 0.7150 and even 0.7120 as targets.
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 0.7150. A break below this target will move the pair further downwards to 0.7120. The pivot point stands at 0.7225. If the price moves in the opposite direction and bounces back from the support level, it will move 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 0.7280 and the second one at 0.7310.
Resistance levels: 00.7280, 0.7310, and 0.7375
Support levels: 0.7150, 0.7120, and 0.7085
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD is under pressure. The pair shows further downside potential after failing to break above its key resistance at 0.7225 (Jan. 25 and 26 bottoms), which should limit the upside potential. The descending 50-period moving average is playing a resistance role and suggests that the price still has potential for a further downside. The relative strength index is below its neutrality level at 50. As long as 0.7225 is not broken, look for a further drop towards 0.7150 and even 0.7120 as targets.
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 0.7150. A break below this target will move the pair further downwards to 0.7120. The pivot point stands at 0.7225. If the price moves in the opposite direction and bounces back from the support level, it will move 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 0.7280 and the second one at 0.7310.
Resistance levels: 00.7280, 0.7310, and 0.7375
Support levels: 0.7150, 0.7120, and 0.7085
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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