Overview:
NZD/USD is expected to trade with risks skewed lower. It is undermined by the Kiwi sales on NZD/JPY cross amid increased investor risk aversion and concerns over China's economy. But NZD/USD losses are tempered by the soft USD sentiment and NZD-USD interest differential. Daily chart is negatively-biased as MACD and stochastics are 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. Short position is recommended with the first target at 0.8635. A breach of this target will move the pair further downwards to 0.8690. The pivot point stands at 0.8590. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8475 and the second target at 0.8430.
Resistance levels:
0.8635
0.8690
0.8750
Support levels:
0.8475
0.843
0.84
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 April 28, 2014 . Thanks for your support on Technical analysis of NZD/USD for April 28, 2014
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