NZD/USD is expected to continue its upside movement. The pair validated a "bullish flag" pattern yesterday and resumed its uptrend. A strong support base around 0.6625 has been formed, and it should limit the downside room. The intraday RSI also confirmed a positive outlook, and is in the buying area (above 50), but is not yet overbought (above 70), which suggests that the pair may still have potential to go up. To sum up, as long as 0.6625 is not broken, an advance to 0.6745 and 0.6775 in extension would be on the cards.
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 0.6745 and the second target at 0.6775. In the alternative scenario, short positions are recommended with the first target at 0.6580 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 0.6550. The pivot point is at 0.6625.
Resistance levels: 0.6745 0.6775 0.68 Support levels: 0.6580 0.6550 0.6515 0.6475
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 09, 2015 . Thanks for your support.
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