Upside movements are expected to prevail the NZD/USD dynamic. The pair is trading above its rising 50-period moving average, which plays support role and maintains the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 0.7195 is playing a key support role, which should limit the downside potential. As long as this key level is not broken, look for a further upside toward 0.7250 and even 0.7280 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 0.7250 and the second one at 0.7280. In the alternative scenario, short positions are recommended with the first target at 0.7185, 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 0.7170. The pivot point is at 0.7195.
Resistance levels: 0.7250, 0.7280, and 0.7310
Support levels: 0.7185, 0.7170, and 0.7130
The material has been provided by InstaForex Company - www.instaforex.com
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