Overview:
NZD/USD is expected to consolidate as markets await U.S. non-farm payrolls report. NZD/USD is supported by the Kiwi demand on soft AUD/NZD cross, Kiwi demand on NZD/JPY cross amid positive investor risk appetite, hawkish Reserve Bank of New Zealand's monetary policy stance and NZD-USD interest differential. But NZD/USD gains are tempered by the positive USD sentiment. Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at 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 0.88 and the second target at 0.8835. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.87. A breach of this target would push the pair further downwards and one may expect the second target at 0.8680. The pivot point is at 0.8740.
Resistance levels:
0.8800
0.8835
0.8860
Support levels:
0.87
0.8680
0.8655
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 03, 2014 . Thanks for your support on Technical analysis of NZD/USD for July 03, 2014
No comments:
Post a Comment