NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stays above its key support at 0.6435 and remains on the upside. Meanwhile, the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6540 at first. A break above this level would call for further advance toward 0.6580.
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 0.6540 and the second target at 0.6580. In the alternative scenario, short positions are recommended with the first target at 0.6410 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 0.6365. The pivot point is at 0.6435.
Resistance levels: 0.6540, 0.6580, 0.6610
Support levels: 0.6410, 0.6365, 0.6335
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 January 19, 2016 . Thanks for your support.
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