NZD/USD is expected to advance further. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is supported by a bullish trend line since April 17.
Therefore, as long as 0.6985 is not broken, look for a further rise to 0.7060 and even to 0.7090 in extension.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7060 and the second one at 0.7090. In the alternative scenario, short positions are recommended with the first target at 0.6960, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6940. The pivot point is at 0.6985.
Resistance levels: 0.7060, 0.7090, and 0.7135
Support levels: 0.6960, 0.6940, and 0.6910
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD is expected to advance further. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is supported by a bullish trend line since April 17.
Therefore, as long as 0.6985 is not broken, look for a further rise to 0.7060 and even to 0.7090 in extension.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7060 and the second one at 0.7090. In the alternative scenario, short positions are recommended with the first target at 0.6960, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6940. The pivot point is at 0.6985.
Resistance levels: 0.7060, 0.7090, and 0.7135
Support levels: 0.6960, 0.6940, and 0.6910
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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