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    Technical analysis of NZD/USD for June 09, 2016 2016-06-09


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    NZD/USD is expected to continue its upward movement. The pair remains on the upside, backed by a rising trend line (since June 7), and is now challenging its nearest resistance at 0.7185. Even though the relative strength index is within its "overbought" area (above 70), it is still bullish and has not yet displayed any reversal signal. Furthermore, the 20-period moving average stays above the 50-period one. Hence, further advance is expected with the next horizontal resistance at 0.7185 at first, and then 0.7230.

    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 0.7185 and the second one at 0.7230. In the alternative scenario, short positions are recommended with the first target at 0.6980 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 0.6940. The pivot point is at 0.7005.

    Resistance levels: 0.7185, 0.7230, 0.7285

    Support levels: 0.6980, 0.6940, 0.69

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