Technical Analysis of NZD/USD for April 29, 2016

Technical Analysis of NZD/USD for April 29, 2016

29 April 2016, 11:14
Roberto Jacobs
0
19

Technical Analysis of NZD/USD for April 29, 2016


NZDUSDM30.png


NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above its support at 0.6930 and remains on the upside. The 50-period moving average is also playing a support role and maintains a positive bias. Meanwhile, the relative strength index is mixed to bullish. Even though a consolidation cannot be ruled out, its extent should be limited. In this case, as long as 0.6930 holds on the downside, we expect a new rebound to 0.7005 after a limited consolidation.

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 0.7005 and the second one, at 0.7030. In the alternative scenario, short positions are recommended with the first target at 0.6890 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 0.6865. The pivot point is at 0.6935.

Resistance levels: 0.7005, 0.7030, 0.7060

Support levels: 0.6890, 0.6865, 0.6835


The material has been provided by InstaForex Company - www.instaforex.com

Share it with friends: