Technical analysis of NZD/USD for January 27, 2014
January 27, 2014 3:15 pm
Overview:
NZD/USD is expected to trade with bearish bias.It is undermined by Kiwi sales on soft NZD/JPY cross on amid increased investor risk aversion. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand’s monetary policy stance. Daily chart is negative-biased as MACD and stochastics are bearish; five day moving average is falling below 15-day MA.
Trading recommendation:
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 0.817 in mind. A breach of this target will move the pair further downwards to 0.8135. The pivot point stands at 0.8260. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.8295 and the second target at 0.8345.
Resistance levels:
0.8295
0.8345
0.839
Support levels:
0.8195
0.8135
0.81
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
NZD/USD is expected to trade with bearish bias.It is undermined by Kiwi sales on soft NZD/JPY cross on amid increased investor risk aversion. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand’s monetary policy stance. Daily chart is negative-biased as MACD and stochastics are bearish; five day moving average is falling below 15-day MA.
Trading recommendation:
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 0.817 in mind. A breach of this target will move the pair further downwards to 0.8135. The pivot point stands at 0.8260. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.8295 and the second target at 0.8345.
Resistance levels:
0.8295
0.8345
0.839
Support levels:
0.8195
0.8135
0.81
The material has been provided by InstaForex Company – www.instaforex.com
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