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    Technical analysis of NZD/USD for October 16, 2015

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    NZD/USD is expected to consolidate with bullish bias. Technically, the pair is still in an uptrend, but it seems likely to post some consolidations now before a new rise. The intraday RSI has lost its momentum, but the trending indicators such as the 20- and 50-period MAs are still on the upside. Therefore, as long as 0.6755 (a strong support) is not broken, any consolidation should be limited before further advance towards 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 0.6850 and the second target at 0.690. In the alternative scenario, short positions are recommended with the first target at 0.6710 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 0.6660. The pivot point is at 0.6755.

    Resistance levels: 0.6850 0.69 0.6945 Support levels: 0.6710 0.6660 0.6610


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