NZD/USD is expected to trade with a bearish bias. It is undermined by the positive US dollar sentiment, divergent Reserve Bank of New Zealand-Federal Reserve monetary policy stances, and lower dairy prices. But NZD/USD losses are tempered by improved investors' risk appetite.
Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is turning bearish.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6650. A break of that target will move the pair further downwards to 0.6620. The pivot point stands at 0.6720. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.6745 and the second target at 0.6780.
Resistance levels: 0.6745 0.6780 0.6850
Support levels: 0.6650 0.6620 0.6585
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for July 14, 2015 . Thanks for your support.
No comments:
Post a Comment