The NZD/USD pair is expected to trade in a higher range as the bias remains bullish. The pair continued to post strong rebounds, and remains bullish above its rising 50-period moving average. The relative strength index stands firmly above its neutrality level of 50. Furthermore, the process of reaching higher highs and lows remains intact, which indicates that the current trend is still positive. Hence, as long as 0.6615 (our trailing stop loss) is not broken, we should expect a new increase to 0.6690 and 0.6720.
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 0.6690 and the second target at 0.6720. In the alternative scenario, short positions are recommended with the first target at 0.659040 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 0.6565. The pivot point is at 0.6615.
Resistance levels: 0.6690 0.6720 0.6760
Support levels: 0.6590 0.6565 0.65
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 December 02, 2015 . Thanks for your support.
No comments:
Post a Comment