empty
 
 
22.04.2014 05:58 PM
Technical analysis of NZD/USD for April 22, 2014

This image is no longer relevant

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting the two-week low at 0.8546 on Monday. It is undermined by the positive dollar sentiment, continued impact from softer-than-expected New Zealand first-quarter CPI and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the hawkish RBNZ monetary policy stance and Kiwi demand on NZD/JPY cross amid positive risk appetite and weaker yen sentiment. Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15 day MA and is declining.

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 0.85050. A breach of this target will move the pair further downwards to 0.8515. The pivot point stands at 0.8650. 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 0.8690 and the second target at 0.8750.

Resistance levels:
0.8690
0.8750
0.8775

Support levels:
0.8550
0.8515
0.8475

Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback