Technical Analysis of NZD/USD for April 13, 2016
NZD/USD is expected to trade in a higher range and continue its upside movement. The pair is clearly in a bullish trend, supported by its rising 20-day and 50-day moving averages. The process of higher highs and lows remains intact. That confirms a positive outlook. In addition, the relative strength index stands firmly above its neutrality area at 50. As long as 0.6890 is not broken, look for a new rise to 0.6975 and 0.7005 in extension.
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 0.6975 and the second one, at 0.7005. In the alternative scenario, short positions are recommended with the first target at 0.6865 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 0.6845. The pivot point is at 0.6890.
Resistance levels: 0.6975, 0.7025, 0.7055
Support levels: 0.6865, 0.6845, 0.6785
The material has been provided by InstaForex Company - www.instaforex.com