Technical analysis of NZD/USD for January 10, 2014
January 10, 2014 12:45 pm
Overview:В
NZD/USD is trading in a range as markets await U.S. nonfarm payrolls report. NZD/USD is supported by weaker dollar sentiment. But NZD/USD upside is limited by Kiwi sales in rebounding AUD/NZD cross, weak China economic outlook, soft commodity prices, positions adjustment before weekend. Daily chart is mixed as MACD is bullish, but stochastics is bearish in overbought zone.В В
Trading recommendation:В
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8195 in mind. A breach of this target will move the pair further downwards to 0.817. The pivot point stands at 0.8270. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.8290 and the second target at 0.832. В В
Resistance levels:В
0.8290
0.832
0.8345
Support levels:В
0.8195В
0.817В
0.8135В
The material has been provided by InstaForex Company – www.instaforex.com
Overview:В
NZD/USD is trading in a range as markets await U.S. nonfarm payrolls report. NZD/USD is supported by weaker dollar sentiment. But NZD/USD upside is limited by Kiwi sales in rebounding AUD/NZD cross, weak China economic outlook, soft commodity prices, positions adjustment before weekend. Daily chart is mixed as MACD is bullish, but stochastics is bearish in overbought zone.В В
Trading recommendation:В
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8195 in mind. A breach of this target will move the pair further downwards to 0.817. The pivot point stands at 0.8270. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.8290 and the second target at 0.832. В В
Resistance levels:В
0.8290
0.832
0.8345
Support levels:В
0.8195В
0.817В
0.8135В
The material has been provided by InstaForex Company – www.instaforex.com
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