Overview:
NZD/USD is expected to trade with bearish bias. It is undermined by the positive dollar sentiment, kiwi sales on buoyant AUD/NZD cross amd drop in dairy prices to their lowest level in 13 months in the internet-based auction held April 1 on GlobalDairyTrade. But NZD/USD losses are tempered by the positive risk appetite and hawkish Reserve Bank of New Zealand's monetary policy stance; hopes of further stimulus in China. Daily chart i9s negative-biased as stochastics is falling from overbought zone, MACD staged bearish crossover against its exponential moving average.
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 0.8510. A breach of this target will move the pair further downwards to 0.8480. The pivot point stands at 0.8580. 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 0.8610 and the second target at 0.8630.
Resistance levels:
0.8610
0.8635
0.8660
Support levels:
0.8510
0.8480
0.8440
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 3, 2014 . Thanks for your support on Technical analysis of NZD/USD for April 3, 2014
No comments:
Post a Comment