NZD/CAD pair is pulling back but is standing above its key support at 0.6765. Meanwhile the relative strength index lacks strong downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6865 at first. A break above this level would call for further advance toward 0.69.
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, it is recommended to open long positions with the first target at 0.6865 and the second target at 0.69. In the alternative scenario, it is recommended to open short positions with the first target at 0.6740, 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 0.6710. The pivot point is at 0.6765.
Resistance levels: 0.6865, 0.69, 0.6950
Support levels: 0.6740, 0.6710, 0.6660
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 23, 2015 . Thanks for your support.
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