Overview: NZD/USD is trading in a lower range. It is undermined by Kiwi sales in the NZD/JPY cross amid increased investor risk aversion, Kiwi sales in the buoyant AUD/NZD cross. But Kiwi sentiment is boosted by New Zealand NZIER quarterly survey showing a rise in New Zealand business confidence in the third quarter to its highest level in more than three years. NZD/USD losses are also tempered by firmer commodity prices.
Technical outlook:
Daily chart is mixed as MACD and stochastics are bearish, but the five-day moving average is meandering sideways.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8265 in view; a breach of this target will move the pair further downwards to 0.82. The pivot point stands at 0.835. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, then the price is most favorably expected to move further to the upside, In that scenario a long position is recommended with the first target at 0.8385 and the second target at 0.843.
Support levels: 0.8265 0.82 0.815
Resistance levels: 0.8385 0.843 0.84
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
NZD/USD is trading in a lower range. It is undermined by Kiwi sales in the NZD/JPY cross amid increased investor risk aversion, Kiwi sales in the buoyant AUD/NZD cross. But Kiwi sentiment is boosted by New Zealand NZIER quarterly survey showing a rise in New Zealand business confidence in the third quarter to its highest level in more than three years. NZD/USD losses are also tempered by firmer commodity prices.
Technical outlook:
Daily chart is mixed as MACD and stochastics are bearish, but the five-day moving average is meandering sideways.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8265 in view; a breach of this target will move the pair further downwards to 0.82. The pivot point stands at 0.835. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, then the price is most favorably expected to move further to the upside, In that scenario a long position is recommended with the first target at 0.8385 and the second target at 0.843.
Support levels:
0.8265
0.82
0.815
Resistance levels:
0.8385
0.843
0.84
The material has been provided by InstaForex Company – www.instaforex.com
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