Technical analysis of NZD/USD for October 24, 2016
October 24, 2016 4:55 am
NZD/USD is under pressure. The pair is trading below its 50-peirod moving average, which plays a resistance role and maintains the downside bias. The relative strength index is below its neutrality level at 50 and is turning down. Additionally 0.7185 is playing a key resistance role, which should limit the upside potential. As long as this key level is not broken, look for a further drop toward 0.7125 and 0.7095 in extension.
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 0.7125. A break below this target will move the pair further downwards to 0.7095. The pivot point stands at 0.7185. In case 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 0.7205 and the second one at 0.7230.
Resistance levels: 0.7205, 0.7230, 0.7250
Support levels: 0.7125, 0.7095, 0.7070
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD is under pressure. The pair is trading below its 50-peirod moving average, which plays a resistance role and maintains the downside bias. The relative strength index is below its neutrality level at 50 and is turning down. Additionally 0.7185 is playing a key resistance role, which should limit the upside potential. As long as this key level is not broken, look for a further drop toward 0.7125 and 0.7095 in extension.
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 0.7125. A break below this target will move the pair further downwards to 0.7095. The pivot point stands at 0.7185. In case 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 0.7205 and the second one at 0.7230.
Resistance levels: 0.7205, 0.7230, 0.7250
Support levels: 0.7125, 0.7095, 0.7070
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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