Technical Analysis of NZD/USD for April 11, 2016
NZD/USD is expected to trade in a higher range as the key support is at 0.6770. The pair bounced off Friday from its key support base around 0.6770-0.6755, which should limit any downward attempts. Both the 20-period and 50-period moving averages are turning up, calling for further advance. In addition, the relative strength index is bullish above its neutrality area at 50. In this case, as long as 0.6770 isn't broken, look for a new rise to 0.6830 and 0.6850 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. Therefore, long positions are recommended with the first target at 0.6830 and the second one, at 0.6850. In the alternative scenario, short positions are recommended with the first target at 0.6755 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 0.6735. The pivot point is at 0.6770.
Resistance levels: 0.6830, 0.6850, 0.6885
Support levels: 0.6755, 0.6735, 0.6675
The material has been provided by InstaForex Company - www.instaforex.com
