NZD/USD is expected to trade with bullish outlook. The pair bounced off its horizontal support at 0.6890, which should limit any downward attempts. A bullish cross has just been identified between the 20-period and 50-period moving averages (a positive signal). In addition, the relative strength index broke above its neutrality area at 50, and calls for a new rise. Hence, above 0.6885 look for a further advance to 0.6945 and 0.6975 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: 0.6945, 0.6975, and 0.7005
Support levels: 0.6870, 0.6840, and 0.6800
The material has been provided by InstaForex Company – www.instaforex.com
NZD/USD is expected to trade with bullish outlook. The pair bounced off its horizontal support at 0.6890, which should limit any downward attempts. A bullish cross has just been identified between the 20-period and 50-period moving averages (a positive signal). In addition, the relative strength index broke above its neutrality area at 50, and calls for a new rise. Hence, above 0.6885 look for a further advance to 0.6945 and 0.6975 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: 0.6945, 0.6975, and 0.7005
Support levels: 0.6870, 0.6840, and 0.6800
The material has been provided by InstaForex Company – www.instaforex.com
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