NZD/USD is expected to trade with a bullish bias. The pair broke above its rising 20-period and 50-period moving averages and is holding on the upside. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 0.7295 (Nov. 4 and 7 bottoms) represents a significant key support level, which should limit the downside potential. As long as 0.7295 is support, look for a further upside toward 0.7370 and even 0.7400 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 0.7370 and the second one at 0.7400. In the alternative scenario, short positions are recommended with the first target at 0.7270, if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7230. The pivot point lies at 0.7295.
Resistance levels: 0.7370, 0.7400, 0.7450
Support levels: 0.7270, 0.7230, 0.7190
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2fyEZw2
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