Overview: NZD/USD is trading in higher range. Kiwi sentiment were boosted by rise in quarterly Westpac McDermott Miller Consumer Confidence Index to 120.1 in December versus 115.4 in the September survey, its highest level since September 2009. NZD/USD is also supported by position-squaring as market participants trim exposure ahead of Wednesday’s FOMC decision; Kiwi demand on soft AUD/NZD cross; hawkish Reserve bank of New Zealand’s monetary policy stance. But NZD/USD gains are tempered by positive dollar sentiment; soft commodity prices. Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode.
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 0.931 and the second target at 0.8335. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.816. The breach of this target will move the pair further downwards and one may expect the second target at 0.8115. The pivot point stands at 0.82.
Resistance levels: 0.831 0.8335 0.8365
Support levels: 0.816 0.8115 0.8075
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
NZD/USD is trading in higher range. Kiwi sentiment were boosted by rise in quarterly Westpac McDermott Miller Consumer Confidence Index to 120.1 in December versus 115.4 in the September survey, its highest level since September 2009. NZD/USD is also supported by position-squaring as market participants trim exposure ahead of Wednesday’s FOMC decision; Kiwi demand on soft AUD/NZD cross; hawkish Reserve bank of New Zealand’s monetary policy stance. But NZD/USD gains are tempered by positive dollar sentiment; soft commodity prices. Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode.
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 0.931 and the second target at 0.8335. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.816. The breach of this target will move the pair further downwards and one may expect the second target at 0.8115. The pivot point stands at 0.82.
Resistance levels:
0.831
0.8335
0.8365
Support levels:
0.816
0.8115
0.8075
The material has been provided by InstaForex Company – www.instaforex.com
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