Technical analysis of NZD/USD for September 08, 2016
September 8, 2016 4:54 am
NZD/USD is expected to go on with a bullish movement. The pair is trading above its 20-period and 50-period moving averages, and remains on the upside. Meanwhile, the relative strength index is rebounding from its neutrality area at 50 and advocates for further upside. A support base at 0.7390 has been formed and the downside attempts should be limited by this level. As long as 0.7390 holds on the downside, look for a new rise to 0.7500 and 0.7530 in extension.
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 0.75 and the second one at 0.7530. In the alternative scenario, short positions are recommended with the first target at 0.7350 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7300. The pivot point is at 0.7390.
Resistance levels: 0.7500, 0.7530, 0.7560
Support levels: 0.7350, 0.7300, 0.7255
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD is expected to go on with a bullish movement. The pair is trading above its 20-period and 50-period moving averages, and remains on the upside. Meanwhile, the relative strength index is rebounding from its neutrality area at 50 and advocates for further upside. A support base at 0.7390 has been formed and the downside attempts should be limited by this level. As long as 0.7390 holds on the downside, look for a new rise to 0.7500 and 0.7530 in extension.
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 0.75 and the second one at 0.7530. In the alternative scenario, short positions are recommended with the first target at 0.7350 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7300. The pivot point is at 0.7390.
Resistance levels: 0.7500, 0.7530, 0.7560
Support levels: 0.7350, 0.7300, 0.7255
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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