NZD/USD is expected to continue upside movement. From a technical view, the pair bounced off its key support at 0.6475 yesterday, and remains in a bullish trend. The upside room has been opened towards 0.6680, as the 20-period and 50-period MAs are heading upwards, and should also push the prices higher. Furthermore, the intraday RSI is at the buying area (above 50), but has not yet been "overbought" (above 70), which indicates that prices may still have potential to go up. Hence, as long as 0.6530 is not broken, the pair is likely to advance to 0.6660 and 0.6680.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6660 and the second target at 0.6680. In the alternative scenario, short positions are recommended with the first target at 0.6475 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6445. The pivot point is at 0.6530.
Resistance levels: 0.6660 0.6680 0.6730 Support levels: 0.6475 0.6445 0.64
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 October 07, 2015 . Thanks for your support.
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