NZD/USD is expected to trade with bullish bias above 0.7190. The pair is staying above its horizontal support at 0.7190, and lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The relative strength index is bouncing off its neutrality area at 50. To sum up, as long as 0.7190 is not broken, a further bounce is expected with 0.7245 and 0.7265 as the next targets.
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 0.7245 and the second one at 0.7265. In the alternative scenario, short positions are recommended with the first target at 0.7175 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 0.7155. The pivot point lies at 0.7190.
Resistance levels: 0.7245, 0.7265, 0.7210
Support levels: 0.7175, 0.7155, 0.7140
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2gJRmoU
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