NZD/USD is expected to trade with a wider range as the bias remains bullish. The pair is trading on the upside within a bullish channel. Both the 20-period and 50-period moving averages are turning up, and should continue to push the prices higher. Furthermore, the relative strength index is bullish, and calls for further upside. Hence, as long as 0.7160 is not broken, likely advance to 0.7240 and 0.7260 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 0.7240 and the second one at 0.7260. In the alternative scenario, short positions are recommended with the first target at 0.7130 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 0.7100. The pivot point lies at 0.7160.
Resistance levels: 0.7240, 0.7260, 0.7300
Support levels: 0.7130, 0.7100, 0.7065
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2ge3zi1
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