Technical analysis of NZD/USD for Feburary 14, 2014
February 14, 2014 3:55 pm
Overview:
NZD/USD is expected to trade in higher range. It is supported by the negative dollar sentiment, positive investor risk appetite, buoyant commodity prices, hawkish Reserve Bank of New Zealand’s monetary policy stance and kiwi demand on the soft AUD/NZD cross. But the NZD/USD gains are tempered by the positions adjustment before weekend. Daily chart is positive-biased as the MACD and stochastics are bullish, although latter is at overbought zone; five-day moving average is above 15-day MA and is 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 0.84 and the second target at 0.843. 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:
0.84
0.843
0.846
Support levels:
0.825
0.823
0.821
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
NZD/USD is expected to trade in higher range. It is supported by the negative dollar sentiment, positive investor risk appetite, buoyant commodity prices, hawkish Reserve Bank of New Zealand’s monetary policy stance and kiwi demand on the soft AUD/NZD cross. But the NZD/USD gains are tempered by the positions adjustment before weekend. Daily chart is positive-biased as the MACD and stochastics are bullish, although latter is at overbought zone; five-day moving average is above 15-day MA and is 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 0.84 and the second target at 0.843. 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:
0.84
0.843
0.846
Support levels:
0.825
0.823
0.821
The material has been provided by InstaForex Company – www.instaforex.com
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