Overview:
NZD/USD is expected to trade with risks skewed lower. It is undermined by the Kiwi sales on soft NZD/JPY cross amid increased in investor risk aversion. But NZD/USD losses are tempered by negative dollar sentiment, hawkish Reserve Bank of New Zealand's monetary policy stance, Kiwi demand on soft AUD/NZD cross and positions adjustment before weekend. Daily chart is negative-biased as MACD is in bearish mode, stochastics is turning bearish.
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 0.8225 in mind. A breach of this target will move the pair further downwards to 0.8195. The pivot point stands at 0.8315. 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 0.8355 and the second target at 0.839.
Resistance levels:
0.8355
0.839
0.8425
Support levels:
0.8225
0.8195
0.8145
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of NZD/USD for January 24, 2014 . Thanks for your support on Technical analysis of NZD/USD for January 24, 2014
No comments:
Post a Comment