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FX.co ★ Technical analysis of NZD/USD for April 23, 2014

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Forex Analysis:::2014-04-23T15:14:22

Technical analysis of NZD/USD for April 23, 2014

Technical analysis of NZD/USD for April 23, 2014

Overview:

NZD/USD is expected to consolidate with bearish bias. NZD/USD is supported by the Kiwi demand on NZD/JPY cross amid reduced risk aversion and NZD-USD interest differential. But NZD/USD gains are tempered by the Kiwi sales on buoyant AUD/NZD cross and concerns over China's economy. Kiwi vulnerable to April HSBC China flash manufacturing PMI data (at 0145 GMT). Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining, but stochastics is turning bullish.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8650. A breach of this target will move the pair further downwards to 0.8690. The pivot point stands at 0.8610. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8545 and the second target at 0.8515.

Resistance levels:
0.8650
0.8690
0.8625

Support levels:
0.8545
0.8515
0.8475

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