Overview: The NZD/USD is to trade in lower range. Undermined by positive USD sentiment; there are worries over economic slowdown in China. But NZD/USD losses are tempered by Kiwi demand on soft AUD/NZD cross. The daily chart is mixed as stochastics reverted to bearish mode at oversold; but the MACD is flat, five-day moving average meandering sideways.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7795 in view, the breach of this target will further move the pair downward and you should expect the second target at 0.767. The pivot point stands at 0.7795. In case the price moves in an opposite direction, returns from its support and moves above its pivot point, then trading in higher range will be the most favorable, and buy position is recommended above its pivot with the first target at 0.783 and the second target at 0.786.
Overview:
The NZD/USD is to trade in lower range. Undermined by positive USD sentiment; there are worries over economic slowdown in China. But NZD/USD losses are tempered by Kiwi demand on soft AUD/NZD cross. The daily chart is mixed as stochastics reverted to bearish mode at oversold; but the MACD is flat, five-day moving average meandering sideways.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7795 in view, the breach of this target will further move the pair downward and you should expect the second target at 0.767. The pivot point stands at 0.7795. In case the price moves in an opposite direction, returns from its support and moves above its pivot point, then trading in higher range will be the most favorable, and buy position is recommended above its pivot with the first target at 0.783 and the second target at 0.786.
Support levels:
S1 – 0.7795
S2 – 0.767
S3 – 0.76
Resistance levels:
R1 – 0.783
R2 – 0.786
R3 – 0.79
The material has been provided by InstaForex Company – www.instaforex.com
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