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    Technical analysis of NZD/USD for May 03, 2016 2016-05-03


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    NZD/USD is expected to trade with a bullish bias. The pair remains on the upside within its bullish channel. The nearest support at 0.6930 maintains strong buying pressure on the prices. Besides, the relative strength index is heading upward and stays above its neutrality area at 50. To sum up, as long as 0.6930 holds on the downside, look for further advance to 0.7025 and 0.7055 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 0.7025 and the second one at 0.7055. In the alternative scenario, short positions are recommended with the first target at 0.6890 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 0.6865. The pivot point is at 0.6930.

    Resistance levels: 0.7025, 0.7055, 0.71

    Support levels: 0.6890, 0.6865, 0.6835

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