NZD/USD is expected to trade with a bullish bias above 0.6650. The pair stands firmly above its nearest support at 0.6650 posting consolidation. Even though continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited. As the key moving averages are still heading upward, which suggests that prices may still have potential to go upside. To sum up, as long as 0.6650 is not broken, the intraday outlook remains positive with targets at 0.6775 and 0.6810.
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 0.6775 and the second target at 0.6810. In the alternative scenario, short positions are recommended with the first target at 0.6580 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 0.6550. The pivot point is at 0.6650.
Resistance levels: 0.6775 0.6810 0.6865 Support levels: 0.6580 0.6550 0.6515 0.6475
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 October 12, 2015 . Thanks for your support.
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