Technical analysis of NZD/USD for Feburary 13, 2014
February 13, 2014 3:20 pm
Overview:
The NZD/USD is expected to trade in higher range. It is undermined by the positive dollar sentiment, Kiwi sales on soft NZD/JPY cross amid waning investor risk appetite and on buoyant GBP/NZD cross. But teh NZD/USD losses are tempered by hawkish Reserve Bank of New Zealand’s monetary policy stance and buoyant commodity prices. The daily chart is still positive-biased as the MACD and stochastics remain bullish, although latter is at the overbought zone, while the five-day moving average is above 15-day MA and advancing.
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 0.8365 and the second target at 0.84. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.825. A breach of this target will push the pair further downwards and one may expect the second target at 0.823. The pivot point is at 0.8285.
Resistance levels:
0.8365
0.84
0.8435
Support levels:
0.825
0.823
0.821
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
The NZD/USD is expected to trade in higher range. It is undermined by the positive dollar sentiment, Kiwi sales on soft NZD/JPY cross amid waning investor risk appetite and on buoyant GBP/NZD cross. But teh NZD/USD losses are tempered by hawkish Reserve Bank of New Zealand’s monetary policy stance and buoyant commodity prices. The daily chart is still positive-biased as the MACD and stochastics remain bullish, although latter is at the overbought zone, while the five-day moving average is above 15-day MA and advancing.
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 0.8365 and the second target at 0.84. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.825. A breach of this target will push the pair further downwards and one may expect the second target at 0.823. The pivot point is at 0.8285.
Resistance levels:
0.8365
0.84
0.8435
Support levels:
0.825
0.823
0.821
The material has been provided by InstaForex Company – www.instaforex.com
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