NZD/USD is expected to trade in a higher range as bias remains bullish. The pair resumed its bullish trend, backed by its rising 20-period moving average. Currently trading at 0.6750, the prices are very close to the resistance at 0.6750, and are expected to test it in sight. The relative strength index is bouncing off its neutrality area at 50, calling for further advance. To sum up, as long as 0.6750 holds on the downside, a new rise is expected to 0.6845 and 0.6880 in extension.
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 0.6845 and the second target at 0.6880. In the alternative scenario, short positions are recommended with the first target at 0.6725 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 0.6685. The pivot point is at 0.6750.
Resistance levels: 0.6845 0.6880 0.6930
Support levels: 0.6685 0.6660 0.6590
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 15, 2015 . Thanks for your support.
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