11.02.201614:43 Forex Analysis & Reviews: Technical analysis of NZD/USD for February 11, 2016

NZD/USD is expected to touch the upside target at 0.6720. The pair has validated a bullish "ascending triangle" pattern and is currently trading on the upside around the upper Bollinger band. Meanwhile, the relative strength index is above the neutrality level of 50 and is supported by a rising trend line. As long as such a bullish bias is maintained, the pair is expected to retest the first upside target at 0.6720.

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, long positions are recommended with the first target at 0.6720 and the second target at 0.6780. In the alternative scenario, short positions are recommended with the first target at 0.6560 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 0.6510. The pivot point is at 0.6620.

Resistance levels: 0.6720, 0.6780, 0.6830

Support levels: 0.6560, 0.6510, 0.6465