For Traders

Analytical Reviews

10.04.201415:29 Forex Analysis & Reviews: Technical analysis of NZD/USD for April 10, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

NZD/USD is expected to consolidate with bullish bias after hitting two-and-a-half year high at 0.8725 on Wednesday.It is underpinned by the Kiwi demand on NZD/JPY cross amid positive risk appetite and negative USD sentiment, buoyant commodity prices and hawkish Reserve Bank of New Zealand's monetary policy stance, hopes of further stimulus in China and Kiwi demand on soft AUD/NZD cross. Daily chart is positive-biased as stochastics is in bullish mode, MACD is turning bullish, five and 15-day moving averages are advancing.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8751 and the second target at 0.8805. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8610. A breach of this target will push the pair further downwards and one may expect the second target at 0.8570. The pivot point is at 0.8640.

Resistance levels:
0.8751
0.8805
0.8850

Support levels:
0.8610
0.8570
0.8530

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.