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    Technical analysis of NZD/USD for February 23, 2016 2016-02-23

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    NZD/USD is expected to trade in a higher range. The pair confirmed a bullish trend after yesterday's upside breakout of its key level at 0.6670 (the high of February 18), validating the formation of higher highs and lows. The 20-period and 50-period moving averages are heading upwards and should continue pushing the price higher. The relative strength index is also positive above its neutrality area at 50. Therefore, as long as 0.6655 holds on the downside, look for further advance to 0.6730 and 0.6755 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. Therefore, long positions are recommended with the first target at 0.67 and the second one at 0.6730. In the alternative scenario, short positions are recommended with the first target at 0.6565 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 0.6565. The pivot point is at 0.6605.

    Resistance levels: 0.67, 0.6730, 0.6775

    Support levels: 0.6565, 0.6540, 0.6505


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