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Technical analysis of NZD/USD for December 01, 2015

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NZD/USD is expeced to trade with a bullish bias. Currently trading at 0.6622, the pair is still in an uptrend, but is approaching its key resistance at 0.6645 (around the high of November 26). A test should take place before any further advance. The 20-period and 50-period moving averages are still heading upwards without showing any reversal signal. Besides, the relative strength index is positive calling for a new rise. Hence, above 0.6565 look for 0.6645 and 0.6670 as our targets.

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 0.6645 and the second target at 0.6670. In the alternative scenario, short positions are recommended with the first target at 0.6540 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 0.6565.

Resistance levels: 0.6645 0.6670 0.6715

Support levels: 0.6540 0.6510 0.6490



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