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    Technical analysis of NZD/USD for June 16, 2016

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    NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above its horizontal support at 0.7015 and is likely to post further advance. At the same time, the relative strength index is bullish above its neutrality area at 50 and lacks downward momentum. Additionally, a bullish cross has been identified between the 20-period and 50-period moving averages. Hence, as long as 0.7015 is not broken, further upside is expected with the next horizontal resistance at 0.7120 and 0.7150 in extension.

    Recommendation:

    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 0.7120 and the second one at 0.7150. In the alternative scenario, short positions are recommended with the first target at 0.6990 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 0.6960. The pivot point is at 0.7015.

    Resistance levels: 0.7120, 0.7150, 0.72

    Support levels: 0.6990, 0.6960, 0.6940


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