Overview: NZD/USD is trading in higher range. New Zealand markets are shut today for Anzac Day. NZD/USD is supported by weaker USD sentiment; firmer commodity prices; Kiwi demand on soft AUD/NZD cross and on buoyant NZD/JPY as weak yen sentiment supports the Kiwi/yen cross; NZD-USD yield gap. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish at oversold.
Trading recommendations: The pair is trading above its pivot point at 0.8524. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with first target at 0.8581 and second target at 0.86. You should keep in view short position below the pivot keep of the first target at 0.844, breach of this target will move the pair downward further and expect the second target at 0.841. Pivot point stands at 0.8495.
Overview:
NZD/USD is trading in higher range. New Zealand markets are shut today for Anzac Day. NZD/USD is supported by weaker USD sentiment; firmer commodity prices; Kiwi demand on soft AUD/NZD cross and on buoyant NZD/JPY as weak yen sentiment supports the Kiwi/yen cross; NZD-USD yield gap. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish at oversold.
Trading recommendations:
The pair is trading above its pivot point at 0.8524. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with first target at 0.8581 and second target at 0.86. You should keep in view short position below the pivot keep of the first target at 0.844, breach of this target will move the pair downward further and expect the second target at 0.841. Pivot point stands at 0.8495.
Resistance levels:
R1 – 0.8581 (April 15 high), R2 – 0.86, R3 – 0.8642 (April 12 high).
Support levels:
S1 – 0.844, S2 – 0.841, S3 – 0.8386 (Wednesday’s low)
The material has been provided by InstaForex Company – www.instaforex.com
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