Technical Analysis of NZD/USD for May 16, 2016
NZD/USD is expected to trade in a lower range and is currently under pressure. The pair remains on the downside, capped by its falling 20-period and 50-period moving averages. The relative strength index is bearish below its declining trendline. Last but not least, the key resistance at 0.6740 maintains strong selling pressure. Hence, below 0.6805, look for further downsides to 0.6740 and 0.6710 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 0.6740. A break of this target will move the pair further downwards to 0.6710. The pivot point stands at 0.6805. 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 0.6830 and the second target at 0.6850.
Resistance levels: 0.6830, 0.6850, 0.6890
Support levels: 0.6740, 0.6710, 0.6665
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