FX.co ★ Technical analysis of NZD/USD for February 12, 2016

NZD/USD is expected to trade with a bullish bias above 0.6620. The pair is currently in a consolidation after reaching up to 0.6738 overnight. Trading appears to be as volatile as yesterday (day-high at 0.6734, day-low at 0.6581). Meanwhile, support has been set at the 50-period moving average. As long as 0.6620 holds as the key support, the intraday outlook remains bullish and a surge to the first upside target at 0.6710 is expected.

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. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6710 and the second target at 0.6780. In the alternative scenario, short positions are recommended with the first target at 0.656085 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 0.6560. The pivot point is at 0.6620.

Resistance levels: 0.6710, 0.6780, 0.6830

Support levels: 0.6585, 0.6560, 0.6510