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Technical analysis of NZD/USD for July 05, 2016

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NZD/USD is expected to trade with a bullish bias above 0.7175.The pair remains on the upside within its bullish channel. At the same time, the 50-period moving average is heading upward, and acts as a support role. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited. To sum up, as long as 0.7175 holds on the downside, look for further advance to 0.7240 and 0.7265 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 0.7240 and the second one, at 0.7265. In the alternative scenario, short positions are recommended with the first target at 0.7155 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 0.7115. The pivot point is at 0.7175.

Resistance levels: 0.7240, 0.7265, 0.73

Support levels: 0.7155, 0.7115, 0.7055



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