Current trend
This week the pair NZD/USDhas returned to the upward movement due to the favourable stats from Australia. NAB Business Confidence index has increased to the level of 8 points. Today investors are waiting for the Janet Yellen’s speech. New head of US FRS is expected to confirm further curtailment of QE3 program.
Support and resistance
From the technical point of view the pair has the potential to rise and can soon reach resistance levels of 0.8320, 0.8345 and 0.8375. The correction to the levels of 0.8290 and 0.8265 is possible from each resistance level. Indicators confirm the possibility of the upward movement. Bollinger Bands are directed upwards. MACD histogram is in positive zone, its volumes are increasing. Stochastic lines can soon enter overbought zone and give a signal to buy.
Trading tips
Long trades can be opened at current price with take-profits at 0.8345. Short trades with targets at 0.8265 should be opened below 0.8290.
Dmitriy Zolotov
Analyst of LiteForex Group of Companies
