NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair posted a strong rebound yesterday and is likely to challenge its nearest resistance at 0.6940. Meanwhile, both the 20-period and 50-period moving averages are heading upward and call for further upsides. In this case, as long as 0.6940 is not broken, expect a new bounce to 0.7020 at first, and then to 0.7055.
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 0.7020 and the second one at 0.7055. In the alternative scenario, short positions are recommended with the first target at 0.6890 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 0.6835. The pivot point is at 0.6940.
Resistance levels: 0.7020, 0.7055
Support levels: 0.6890, 0.6835, 0.6795
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of NZD/USD for June 08, 2016 appeared first on forex-analytics.press.