FX.co ★ NZDUSD: Bullish Outlook (Oct 03, 2013)

Overview:
NZD/USD is trading in a higher range. it is underpinned by negative dollar sentiment, improving risk appetite, rebounding commodity prices. Daily chart is mixed as MACD is bearish, but stochastics is neutral.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended, with the first target at 0.8345 and the second target at 0.8385. In alternative scenario, if the price moves below its pivot points short positions are recommended, with the first target at 0.822. The breach of this target will move the pair further downwards and one may expect the second target at 0.82. The pivot point stands at 0.825.

Resistance levels:

0.8345
0.8385
0.8425

Support levels:
0.822
0.82
0.8175