NZD/USD is under pressure. The pair remains bearish below its horizontal resistance at 0.6910. Meanwhile, the descending 50-period moving average also plays a resistance role, and should limit the upside attempts. Furthermore, the relative strength index is below its neutrality area at 50. To conclude, as long as 0.6910 holds on the upside, the pair is likely to drop to 0.6855 at first. In case of a breakout, look for further decline to 0.6840 as possible.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6855. A break below this target will move the pair further downwards to 0.6840. The pivot point stands at 0.6910. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to go further to the upside. According to that scenario, long positions are recommended with the first target at 0.6925 and the second one at 0.6945.
Resistance levels: 06925, 0.6945, 0.6965
Support levels: 0.6855, 0.6840, 0.6810
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2iz82O6
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