Technical analysis of NZD/USD for October 29, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate with a bullish bias as markets are awaiting Fed's interest rate decision and 2000 GMT (NZ time 9.00 am Thursday) Reserve Bank of New Zealand's interest rate announcement: RBNZ is expected to keep rates on hold at 3.5%. NZD/USD is supported by the Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment and NZD-USD interest differential. But NZD/USD gains are tempered by the Kiwi sales on buoyant AUD/NZD cross.

Technical comment:

Daily chart is tilting positive as MACD is in bullish mode, stochastics is turning bullish.

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 0.7990 and the second target at 0.8010. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7880. A break of this target would push the pair further downwards and one may expect the second target at 0.7840 The pivot point is at 0.7910.

Resistance levels:

0.7990

0.8010

0.8045



Support levels:

0.7880

0.7840

0.7805

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