NZDUSD: Resistance at 0.847

Overview:

NZD/USD is trading in higher range. NZ markets shut today for holiday. NZD/USD is underpinned by positive investor risk sentiment; firmer commodity prices; NZD-USD yield gap; Kiwi demand on soft AUD/NZD cross; and Kiwi demand on buoyant NZD/JPY as negative JPY sentiment supports the cross. Daily chart is positive-biased as MACD and stochastic are in bullish mode; five-day moving average is above 15-day MA and rising.
Preference: 
Sell below 0.847 with targets at 0.839 and 0.8335 in extension. 
Support levels:
0.8384 (Friday’s low)
0.8341 (Thursday’s low)
0.8290 (Jan. 30 low)   
Alternative scenario: 
Buy above 0.847. Above 0.847 look for further upside with 0.851 and 0.853 as targets. 
Resistance levels: 
R1 – 0.851 
R2 – 0.853 
R3 – 0.8571 (Aug. 31, 2011 high)
Technical comment: 
The pair stands below its resistance and remains under pressure, the RSI stands below its neutral area and is badly directed.

The material has been provided by Instaforex Company – http://www.instaforex.com/

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