Technical analysis of NZD/USD for December 05, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to consolidate after hitting a three-week low at 0.7727 on Thursday. NZD/USD is under undermined by diminished investor risk appetite. But NZD/USD downside is limited by the Kiwi demand on soft AUD/NZD cross, broadly weaker USD undertone, NZD-USD interest differential and positions adjustment before the weekend.


Technical Comment:

Daily chart is still negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.


Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7680. A break of this target will move the pair further downwards to 0.7655. The pivot point stands at 0.7790. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7820 and the second target at 0.7850.


Resistance levels:

0.7850

0.7820

0.7785



Support levels:
0.7680

0.7655

0.7625


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for December 05, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to consolidate. GBP/JPY is supported by the improved EUR/USD undertone post ECB's decision and demand from Japan's importers. Bank of England on Thursday kept its benchmark rate at 0.5% and the size of its bond portfolio at GBP375 billion as widely anticipated. But GBP/JPY upside is limited by the diminished investor risk appetite, Japan's export sales and positions adjustment before the weekend. Daily chart is mixed as five and 15 day moving averages are advancing, but MACD is bearish.


Technical comment:

Daily chart is mixed as five and 15-day moving averages are advancing, but MACD is bearish.


Trading recommendations:

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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 189.70 and the second target at 190.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 187.35. A break of this target would push the pair further downwards and one may expect the second target at 186.80. The pivot point is at 187.90.


Resistance levels:

189.70

190.40

190.75


Support levels:

187.35

186.80

186.30


The material has been provided by InstaForex Company - www.instaforex.com