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    Technical analysis of NZD/USD for February 04, 2016 2016-02-04

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    NZD/USD is expected to trade with bullish bias. The pair remains on the upside, supported by its rising 50-period moving average. The immediate trend is upward, but the momentum is weak as the relative strength index is turning down, indicating that a consolidation may take place in the coming trading hours. Nevertheless, as long as 0.6640 is not broken, the intraday bias remains positive with targets at 0.6785 and 0.6820 in extension.

    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 0.6785 and the second target at 0.6820. In the alternative scenario, short positions are recommended with the first target at 0.6610 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 0.6555. The pivot point is at 0.6640.

    Resistance levels: 0.6785, 0.6820, 0.6875 Support levels: 0.6610, 0.6555, 0.65


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