Overview:
NZD/USD is expected to trade in a higher range. It is supported by the Kiwi demand on NZD/JPY cross amid reduced risk aversion, weaker USD sentiment, and NZD-USD interest differential. But NZD/USD gains are tempered by the recent soft New Zealand 2Q CPI data, weak dairy prices and Kiwi sales on buoyant AUD/NZD cross. The daily chart is still negative biased as MACD and stochastics are in bearish mode; five-day moving average is below a 15-day MA and is declining.
Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.8720 and the second target at 0.8745. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8640. A break of this target would push the pair further downwards and one may expect the second target at 0.86. The pivot point is at 0.8670.
Resistance levels:
0.8720
0.8745
0.8785
Support levels:
0.8640
0.86
0.8575
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 21, 2014 . Thanks for your support on Technical analysis of NZD/USD for July 21, 2014
No comments:
Post a Comment