02.10.201509:34 Forex Analysis & Reviews: Technical analysis of NZD/USD for October 02, 2015

NZD/USD is expected to trade with a bullish bias above 0.6380. Technically, the pair still holds above its key support base around 0.6380, and seems to be likely to post some consolidations before a further advance. The technical indicator such as the intraday RSI is losing upward momentum, but is still mixed to bullish. As long as 0.6380 is not broken, any consolidations should be limited before new bounces to 0.6445 (October 1 top) and 0.6485.

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 0.6445 and the second target at 0.6485. In the alternative scenario, short positions are recommended with the first target at 0.6350 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 0.6320. The pivot point is at 0.6380.

Resistance levels: 0.6445 0.6485 0.6525

Support levels: 0.6350 0.6320 0.6285