Overview: NZD/USD is consolidating with bearish bias. The NZD/USD pair is undermined by Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion; bullish dollar sentiment; weaker commodity prices. But NZD/USD losses are tempered by Kiwi demand on soft AUD/NZD cross; positions adjustment before weekend. The Kiwi is vulnerable to China October trade balance data. Daily chart is mixed as MACD is bearish, but stochastics is neutral.
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 0.8255 in view; a breach of this target will move the pair further downwards to 0.821. The pivot point stands at 0.8335. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, 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 0.8365 and the second target at 0.844.
Resistance levels: 0.8365 0.8415 0.844 Support levels: 0.8255 0.821 0.8175
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
NZD/USD is consolidating with bearish bias. The NZD/USD pair is undermined by Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion; bullish dollar sentiment; weaker commodity prices. But NZD/USD losses are tempered by Kiwi demand on soft AUD/NZD cross; positions adjustment before weekend. The Kiwi is vulnerable to China October trade balance data. Daily chart is mixed as MACD is bearish, but stochastics is neutral.
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 0.8255 in view; a breach of this target will move the pair further downwards to 0.821. The pivot point stands at 0.8335. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, 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 0.8365 and the second target at 0.844.
Resistance levels:
0.8365
0.8415
0.844
Support levels:
0.8255
0.821
0.8175
The material has been provided by InstaForex Company – www.instaforex.com
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