NZD/USD: Under pressure (October 31, 2013)
October 31, 2013 4:15 pmVideo
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Overview:
NZD/USD is consolidating with bearish bias after hitting six-week low 0.8190 Wednesday. The rate is undermined by positive dollar sentiment; reduced investor risk appetite; concerns about liquidity conditions in China. But Kiwi sentiment boosted after Reserve Bank of New Zealand held its official cash rate unchanged as widely expected, but RBNZ Gov. Wheeler says rate hikes will likely be required next year given momentum in the housing market, and didn’t call the Kiwi overvalued. NZD/USD losses are also tempered by Kiwi demand on soft AUD/NZD cross.
Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold; five-day moving average is below 15-day MA and falling.
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 0.823 in view; a breach of this target will move the pair further downwards to 0.82. The pivot point stands at 0.833. 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 0.84 and the second target at 0.844.
Support levels:
0.823
0.82
0.8175
Resistance levels:
0.84
0.844
0.849
The material has been provided by InstaForex Company – www.instaforex.com
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