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    Technical analysis of NZD/USD for June 10, 2016 2016-06-10


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    NZD/USD is expected to trade in a higher range as a bias remains bullish. The pair stands firmly above its horizontal support at 0.7030, and is likely to post further advance. At the same time, the 50-period moving average is on the upside, which indicates that the prices may still have upside potential to go. Besides, the relative strength index is bullish above its neutrality area at 50, and lacks downward momentum. Hence, as long as 0.7030 holds on the downside, the intraday outlook stays positive with targets at 0.7150 and 0.7185 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 0.7150 and the second one at 0.7185. 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 0.7030.

    Resistance levels: 0.7185, 0.7230, 0.7285

    Support levels: 0.6980, 0.6940, 0.69

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