NZD/USD is expected to trade with bullish outlook. The pair is clearly in an uptrend, supported by its rising 20-period and 50-period moving averages. The nearest key support at 0.7275 has formed, and should limit any downside room. Furthermore, the relative strength index is bullish and calls for further upside. To conclude, as long as 0.7205 is not broken, it is likely to advance to 0.7260 and 0.7275 in extension.
Chart Explanation:
The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7260, 0.7275, and 0.7310.
Support levels: 0.7185, 0.7170, and 0.7135.
The material has been provided by InstaForex Company – www.instaforex.com
NZD/USD is expected to trade with bullish outlook. The pair is clearly in an uptrend, supported by its rising 20-period and 50-period moving averages. The nearest key support at 0.7275 has formed, and should limit any downside room. Furthermore, the relative strength index is bullish and calls for further upside. To conclude, as long as 0.7205 is not broken, it is likely to advance to 0.7260 and 0.7275 in extension.
Chart Explanation:
The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7260, 0.7275, and 0.7310.
Support levels: 0.7185, 0.7170, and 0.7135.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: