10.02.201611:25 Forex Analysis & Reviews: Technical analysis of NZD/USD for February 10, 2016

NZD/USD pair keeps on trading with a bullish bias. The pair stands above its key support at 0.66 and remains on the upside. Meanwhile, the 20-period moving average stays above the 50-period one, and the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap at 0.6685. A breakout above this level would call for further advance towards 0.6720 in extension.

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 0.6685 and the second target at 0.6720. In the alternative scenario, short positions are recommended with the first target at 0.6570 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 0.6510. The pivot point is at 0.66.

Resistance levels: 0.6680, 0.6720, 0.6750

Support levels: 0.6570, 0.6510, 0.6460