Technical analysis of NZD/USD for Feburary 10, 2014
February 11, 2014 8:05 am
Overview:
NZD/USD is expected to traded in higher range.It is supported by Kiwi demand on NZD/JPY cross amid positive investor risk appetite, Kiwi demand on soft AUD/NZD cross, weaker dollar sentiment and hawkish Reserve Bank of New Zealand’s monetary policy stance. Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turning positive and five-day moving average is rising above the 15-day MA.
Trading recommendation:
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 0.83 and the second target at 0.834. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.818. A breach of this target will push the pair further downwards and one may expect the second target at 0.814. The pivot point is at 0.8215.
Resistance levels:
0.83
0.834
0.84
Support levels:
0.818
0.814
0.81
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
NZD/USD is expected to traded in higher range.It is supported by Kiwi demand on NZD/JPY cross amid positive investor risk appetite, Kiwi demand on soft AUD/NZD cross, weaker dollar sentiment and hawkish Reserve Bank of New Zealand’s monetary policy stance. Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turning positive and five-day moving average is rising above the 15-day MA.
Trading recommendation:
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 0.83 and the second target at 0.834. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.818. A breach of this target will push the pair further downwards and one may expect the second target at 0.814. The pivot point is at 0.8215.
Resistance levels:
0.83
0.834
0.84
Support levels:
0.818
0.814
0.81
The material has been provided by InstaForex Company – www.instaforex.com
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