For Traders

Analytical Reviews

Technical analysis

16.04.201415:04 Forex Analysis & Reviews: Technical analysis of NZD/USD for April 16, 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 trade in a lower range. It is undermined by the lower-than-expected New Zealand 1Q CPI (rose 0.3% on quarter versus +0.5% forecast) and concerns over the Chinese economy, broadly firmer dollar undertone and Kiwi sales on buoyant AUD/NZD cross. Daily chart is negative-biased as MACD and stochastics are in bearish mode.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8570. A breach of this target will move the pair further downwards to 0.8545. The pivot point stands at 0.8630. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8660 and the second target at 0.8690.

Resistance levels:
0.8660
0.8690
0.8625

Support levels:
0.8570
0.8545
0.85

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.