NZD/USD is expected to trade with a bearish bias as key resistance is at 0.6650. The pair posted consolidation yesterday and currently remains under pressure below its nearest resistance at 0.6650. The intraday outlook remains bearish, as the intraday RSI is still on the downside, without showing any reversal signal. In this case, as long as 0.6650 is not surpassed, look for a new pullback to 0.6570 and 0.6530 after a pause.
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 0.6570. A break of that target will move the pair further downwards to 0.6530. The pivot point stands at 0.6650. 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 move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6705 and the second target at 0.6755.
Resistance levels: 0.6705 0.6755 0.6785 Support levels: 0.6570 0.6530 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 November 06, 2015 . Thanks for your support.
No comments:
Post a Comment