NZD/USD is expected to continue the rebound. The pair broke above its 20-period and 50-period moving averages with strong momentum and is heading upwards. In addition, the 20-period moving average is turning up. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 0.7270 holds on the downside, look for a further upside to 0.7330 and even 0.7345 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 0.7330 and the second one at 0.7345. In the alternative scenario, short positions are recommended with the first target at 0.7250 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 0.7230. The pivot point is at 0.7270.
Resistance levels: 0.7330, 0.7345, 0.7375
Support levels: 0.7250, 0.7230, 0.7200
The material has been provided by InstaForex Company - www.instaforex.com
No comments:
Post a Comment