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Technical analysis of NZD/USD for November 02, 2015

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NZD/USD is expected to trade with bullish bias. The pair has reversed up and remained on the upside. It is supported by a rising 50-period intraday MA. A strong support base around 0.6695 has been formed, and it should prevent any downward attempts. Furthermore, the intraday RSI lacks downward momentum. To sum up, as long as 0.6695 holds on the downside, expect a new recovery to 0.6810 and even to 0.6850.

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 0.6810 and the second target at 0.6850. In the alternative scenario, short positions are recommended with the first target at 0.6670 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 0.6640. The pivot point is at 0.6695.

Resistance levels: 0.6810 0.6850 0.69 Support levels: 0.6670 0.6640 0.6610



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