28.12.201516:19 Forex Analysis & Reviews: Technical analysis of NZD/USD for December 28, 2015

NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above the key support of 0.6805 remaining supported by the rising 50-period simple moving average. An immediate trend is upward but weak. Therefore, a consolidation cannot be ruled out at the current stage, but it should be limited by 0.6805. As long as this level is not broken, look for further advance towards 0.6865 and 0.6890.

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. As long as the price holds above its pivot point, it is recommended to open long positions with the first target at 0.6865 and the second target at 0.69. In the alternative scenario, it is recommended to open short positions with the first target at 0.6780, 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 0.690. The pivot point is at 0.6805.

Resistance levels: 0.6865, 0.69, 0.6950

Support levels: 0.6780, 0.6755, 0.67