NZD/USD is expected to extend its upside movement. The pair keeps trading on the upside targeting the first upside target at 0.7210. It is currently seeking support from the 20-period moving average, which stays above the 50-period one. At the same time, the intraday relative strength index is well directed above the neutrality level of 50 showing upward momentum for the pair. As long as the level at 0.7170 holds as the key support, the intraday outlook remains bullish, and the pair should proceed toward 0.7225 after breaking above 0.7210.
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 0.7210 and the second one at 0.7225. In the alternative scenario, short positions are recommended with the first target at 0.7155 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 0.7140. The pivot point lies at 0.7170.
Resistance levels: 0.7210, 0.7225, 0.7265
Support levels: 0.7155, 0.7140, 0.7100
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2hoOUT9
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