Overview:
NZD/USD is expected to trade in a range. It is supported by the Kiwi demand on soft AUD/NZD cross, reduced risk aversion, hawkish Reserve Bank of New Zealand's monetary policy stance, NZD-USD interest differential, and NZD demand on buoyant NZD/CAD cross. But NZD/USD upside is limited by profit-taking on long NZD positions. The daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at the overbought zone, five and 15-day moving averages are advancing.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8835 and the second target at 0.8860. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8770. A break of this target would push the pair further downwards and one may expect the second target at 0.8735. The pivot point is at 0.8795.
Resistance levels:
0.8835
0.8860
0.8890
Support levels:
0.8770
0.8735
0.8710
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 July 14, 2014 . Thanks for your support on Technical analysis of NZD/USD for July 14, 2014
No comments:
Post a Comment