NZD/USD is expected to prevail its upside movement. The pair recorded higher tops and higher bottoms since March 16, which confirmed a positive outlook. Upward momentum is further reinforced by the rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50.
Therefore, as long as 0.7000 holds on the downside, look for a further advance to 0.7070 and even to 0.7085 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 0.7070 and the second one at 0.7085. In the alternative scenario, short positions are recommended with the first target at 0.6980 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 0.6965. The pivot point is at 0.7000.
Resistance levels: 0.7070, 0.7085, and 0.7110
Support levels: 0.6980, 0.6965, and 0.6935
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD is expected to prevail its upside movement. The pair recorded higher tops and higher bottoms since March 16, which confirmed a positive outlook. Upward momentum is further reinforced by the rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50.
Therefore, as long as 0.7000 holds on the downside, look for a further advance to 0.7070 and even to 0.7085 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 0.7070 and the second one at 0.7085. In the alternative scenario, short positions are recommended with the first target at 0.6980 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 0.6965. The pivot point is at 0.7000.
Resistance levels: 0.7070, 0.7085, and 0.7110
Support levels: 0.6980, 0.6965, and 0.6935
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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