Technical Analysis of NZD/USD for April 27, 2016
NZD/USD is expected to trade in higher range as this movement is supported by a positive trend line. The pair stays above its key support at 0.6850, and is also supported by a rising trend line. At the same time, the relative strength index remains above its neutrality area at 50, and calls for a new bounce. In this case, further advance is expected with the next horizontal resistance and overlap set at 0.6910. In case of the breakout, it is likely to advance toward 0.6950 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 0.6910 and the second one, at 0.6950. In the alternative scenario, short positions are recommended with the first target at 0.6820 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 0.6820. The pivot point is at 0.6850.
Resistance levels: 0.6910, 0.6950, 0.6980
Support levels: 0.6820, 0.6790, 0.6775
The material has been provided by InstaForex Company - www.instaforex.com
