FX.co ★ Technical analysis of NZD/USD for December 27, 2013

Overview: 
NZD/USD is trading with bullish bias. A support base at 0.8145 was formed and it allows tthe pair for a temporary stabilisation. . Daily chart is positive-biased as MACD and Stochastic are bullish, stochastics is reverting to bullish due to oversold.

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 the level of 0.819 and the second target at 0.8215 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8115 The breach of this target will move the pair further downwards and one may expect the second target at 0.808. The pivot point stands at 0.8145.

Resistance levels: 
0.819
0.8215
0.825
Support levels:  
0.8115
0.808
0.8045