NZD/USD is expected to continue its upside movement. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. In addition, it has been supported by a bullish trend line since Jan 25, which confirms a positive view. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 0.7245 is support, look for a further rise to 0.7315 and 0.7340 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 0.7315 and the second one at 0.7340. In the alternative scenario, short positions are recommended with the first target at 0.7220 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 0.7190. The pivot point is at 0.7245.
Resistance levels: 0.7315, 0.7340, 0.7385
Support levels: 0.7220, 0.7190, 0.7175
The material has been provided by InstaForex Company - www.instaforex.com
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