Overview: NZD/USD is trading in higher range. The rate is supported by soft dollar sentiment; Kiwi demand on buoyant NZD/JPY cross amid positive investor risk appetite and weak yen sentiment; Kiwi demand on soft AUD/NZD cross. Daily chart is positive-biased as is stochastics bullish, five-day moving average is rising above 15-day MA.
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 0.841 and the second target at 0.8445. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.832 the breach of this target will move the pair further downwards and one may expect the second target at 0.829. The pivot point stands at 0.835.
Resistance levels: 0.841 0.8445 0.8490
Support levels: 0.832 0.829 0.8255
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
NZD/USD is trading in higher range. The rate is supported by soft dollar sentiment; Kiwi demand on buoyant NZD/JPY cross amid positive investor risk appetite and weak yen sentiment; Kiwi demand on soft AUD/NZD cross. Daily chart is positive-biased as is stochastics bullish, five-day moving average is rising above 15-day MA.
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 0.841 and the second target at 0.8445. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.832 the breach of this target will move the pair further downwards and one may expect the second target at 0.829. The pivot point stands at 0.835.
Resistance levels:
0.841
0.8445
0.8490
Support levels:
0.832
0.829
0.8255
The material has been provided by InstaForex Company – www.instaforex.com
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