NZD/USD is expected to trade with a bullish bias above 0.67. The pair stands firmly above its nearest support at 0.6700, and is now consolidating before a further advance. Meanwhile, intraday technical indicators are still mixed to positive, with the 50-period moving average heading upwards. Hence, even though a continuation of the consolidation cannot be ruled out at the current stage, its extension should be limited. As long as 0.67 is not broken, an advance to 0.6790 & 0.6835 can take place.
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 0.6790 and the second target at 0.6835. In the alternative scenario, short positions are recommended with the first target at 0.666 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 0.6590. The pivot point is at 0.67.
Resistance levels: 0.6790 0.6835 0.6875
Support levels: 0.6660 0.6590 0.6565
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 11, 2015 . Thanks for your support.
No comments:
Post a Comment