Technical outlook and chart setups:
The NZD/USD pair is locked in a diamond shaped consolidation pattern after having made lows at 0.6200 levels since August 2015. The pair is trading around 0.6330 now and seems to be retracing from intraday highs of 0.6400 reached earlier. Bulls are expected to remain in control until prices stay above 0.6200. It is hence recommended to initiate long positions now with risk at the levels of 0.6200. Immediate support is seen at 0.6300 (interim) followed by 0.6225, 0.6180, and lower, while resistance is seen at 0.6400 (interim) followed by 0.6450 and higher.
Trading recommendations:
Initiate long positions now, stop is set at 0.6180, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com