NZD/USD is expected to trade with a bullish bias. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50. As long as 0.7000 is support, look for a further upside toward 0.7070. A break above this level would call for a further advance toward 0.7100.
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 0.7070 and the second one at 0.7100. In the alternative scenario, short positions are recommended with the first target at 0.6975 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6945. The pivot point is at 0.700.
Resistance levels: 0.7070, 0.7100, 0.7145
Support levels: 0.6940, 0.6925, 0.6885
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2jxLm5w
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