NZD/USD is expected to trade in a lower range as the key resistance is at 0.6665. The pair is trading sideways within a range between 0.6665 and 0.6605. Nevertheless, the relative strength index lacks upward momentum. Furthermore, the upward potential is likely to be limited by the resistance at 0.6665. In these perspectives, as long as 0.6665 is not surpassed, look for a new pullback to 0.6565 and 0.6540 in extension.
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 0.6565. A break of that target will move the pair further downwards to 0.6540. The pivot point stands at 0.6665. 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 0.6685 and the second target at 0.6730.
Resistance levels: 0.6685 0.6730 0.6770
Support levels: 0.6565 0.6540 0.6515
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 09, 2015 . Thanks for your support.
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