Technical Analysis of NZD/USD for March 30, 2016
The upside movement is expected to prevail in the NZD/USD pair. The pair remains strongly on the upside, backed by its rising 20-period and 50-period moving averages. The relative strength index is still bullish above its neutrality area at 50. Even though a consolidation cannot be ruled out at the current stage, its extent should be very limited before further advance to 0.6885 and 0.6920 as targets. Stop loss is set at 0.6780 (the current 50-period moving average).
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 0.6885 and the second one at 0.6920. In the alternative scenario, short positions are recommended with the first target at 0.6725 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 0.6695. The pivot point is at 0.6780.
Resistance levels: 0.6885, 0.6920, 0.6950
Support levels: 0.6725, 0.6695, 0.6660
The material has been provided by InstaForex Company - www.instaforex.com
