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    Technical analysis of NZD/USD for October 06, 2015


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    NZD/USD is expected to trade with a bullish bias. The pair remains in an up trend. It seems to be forming a "bullish flag" pattern on an intraday chart. Both the 20-period and 50-period MAs are well directed, which should confirm a positive outlook. Furthermore, a support base around 0.6445 is expected to hold any potential downside. To sum up, watch for a new rise to 0.6530 and 0.6560.

    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 0.6530 and the second target at 0.6560. In the alternative scenario, short positions are recommended with the first target at 0.6410 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 0.6380. The pivot point is at 0.6445.

    Resistance levels: 0.6530 0.6560 0.6585 Support levels: 0.6410 0.6380 0.6350

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