Overview: NZD/USD is consolidating in higher range after hitting four-week low at 0.7699 on Monday. The pair is supported by soft dollar sentiment, optimism that most of the fallout from Fonterra’s quality issues involving the harmful bacteria in its milk products is solved; Kiwi demand on weaker AUD/NZD cross. Daily chart is still negative-biased as MACD and stochastics are bearish; five-day moving average is below 15-day MA and declining.
Trading recommendations: The pair is trading above its pivot point. It 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, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.792 and the second target at 0.7975. You should keep in view short position below the pivot at the first target at 0.768, the breach of this target will direct the pair downwards further and expect the second target at 0.762. The pivot point is at 0.7735.
Overview:
NZD/USD is consolidating in higher range after hitting four-week low at 0.7699 on Monday. The pair is supported by soft dollar sentiment, optimism that most of the fallout from Fonterra’s quality issues involving the harmful bacteria in its milk products is solved; Kiwi demand on weaker AUD/NZD cross. Daily chart is still negative-biased as MACD and stochastics are bearish; five-day moving average is below 15-day MA and declining.
Trading recommendations:
The pair is trading above its pivot point. It 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, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.792 and the second target at 0.7975. You should keep in view short position below the pivot at the first target at 0.768, the breach of this target will direct the pair downwards further and expect the second target at 0.762. The pivot point is at 0.7735.
Resistance levels:
R1 – 0.792
R2 – 0.7975
R3 – 0.8025
Support levels:
S1 – 0.768
S2 – 0.762
S3 – 0.7575
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: