NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair is supported by a rising trend line since July 7 and is likely to challenge the nearest resistance at 0.7330. Meanwhile, the 50-period moving average is heading upward and maintains the upside bias. Besides, the relative strength index is bullish above its neutrality area at 50, calling for further advance. To sum up, as long as 0.7240 holds on the downside, look for further rise to 0.7330 and 0.7360 in extension.
Recommendation:
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 0.7330 and the second one, at 0.7360. In the alternative scenario, short positions are recommended with the first target at 0.72 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7170. The pivot point is at 0.7240.
Resistance levels: 0.7330, 0.7360, 0.7400
Support levels: 0.7200 , 0.7170, 0.7135
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair is supported by a rising trend line since July 7 and is likely to challenge the nearest resistance at 0.7330. Meanwhile, the 50-period moving average is heading upward and maintains the upside bias. Besides, the relative strength index is bullish above its neutrality area at 50, calling for further advance. To sum up, as long as 0.7240 holds on the downside, look for further rise to 0.7330 and 0.7360 in extension.
Recommendation:
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 0.7330 and the second one, at 0.7360. In the alternative scenario, short positions are recommended with the first target at 0.72 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7170. The pivot point is at 0.7240.
Resistance levels: 0.7330, 0.7360, 0.7400
Support levels: 0.7200 , 0.7170, 0.7135
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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