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

Long-term review

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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

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