NZD/USD is expected to trade with a bullish bias above 0.6940. The pair has bounced up from another test of support at 0.6940, which is playing a key support role and should limit the downside potential. The relative strength index is rebounding around its neutrality level at 50. As long as 0.6940 is support, we keep our positive view unchanged with up targets at 0.6975 and even 0.6990 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 0.6975 and the second one at 0.6990. In the alternative scenario, short positions are recommended with the first target at 0.6925 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 0.6915. The pivot point lies at 0.6940.
Resistance levels: 0.6975, 0.6990, 0.7025
Support levels: 0.6925, 0.6915, 0.6895
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2hMI4ZQ
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