FX.co ★ Technical analysis of NZD/USD for January 13, 2014

Overview:
NZD/USD is expected to trade in higher range. It is supported by the negative dollar sentiment and rebounding commodity prices. But the NZD/USD gains are tempered by Kiwi sales in buoyant AUD/NZD cross and concerns over weak economic outlook for China. Daily chart is positive-biased as MACD is bullish, and stochastics is reverted to bullish mode in overbought zone.В 

Trading recommendation:

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 0.838 and the second target at 0.841 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8265.A breach of this target will move the pair further downwards and one may expect the second target at 0.824. The pivot point stands at 0.83.В 

Resistance levels:
0.838
0.841
0.845

Support levels:
0.8265
0.824
0.8215