Overvie: NZD/USD is consolidating with bullish bias after hitting a three-week high of 0.8334 Tuesday as markets await RBNZ official cash rate announcement: RBNZ is expected to stay pat at 2.5%. NZD/USD is supported by negative USD sentiment; buoyant commodity prices. But NZD/USD gains are tempered by Kiwi sales in rebounding AUD/NZD cross; Kiwi sales in soft NZD/JPY cross amid increased investor risk aversion. Daily chart is positive-biased as MACD and stochastics are bullish; the five-day moving average is above the 15-day MA and advancing.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8315 and the second target at 0.8335. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 0.8205, the breach of this target will move the pair further downwards and one may expect the second target at 0.816. The pivot point stands at 0.825.
Resistance levels:
0.8315 0.8335 0.8375 Support levels: 0.8205 0.816 0.8125
The material has been provided by InstaForex Company – www.instaforex.com
Overvie:
NZD/USD is consolidating with bullish bias after hitting a three-week high of 0.8334 Tuesday as markets await RBNZ official cash rate announcement: RBNZ is expected to stay pat at 2.5%. NZD/USD is supported by negative USD sentiment; buoyant commodity prices. But NZD/USD gains are tempered by Kiwi sales in rebounding AUD/NZD cross; Kiwi sales in soft NZD/JPY cross amid increased investor risk aversion. Daily chart is positive-biased as MACD and stochastics are bullish; the five-day moving average is above the 15-day MA and advancing.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8315 and the second target at 0.8335. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 0.8205, the breach of this target will move the pair further downwards and one may expect the second target at 0.816. The pivot point stands at 0.825.
Resistance levels:
0.8315
0.8335
0.8375
Support levels:
0.8205
0.816
0.8125
The material has been provided by InstaForex Company – www.instaforex.com
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