NZD/USD is expected to trade with a bearish outlook. Although the pair posted a rebound and broke above the 50-period moving average, it is still trading below the key resistance at 0.7305, which should limit the upside potential. The relative strength index is mixed with a bearish bias.
Therefore, as long as 0.7295 is not surpassed, look for a further decline to 0.7240 and even to 0.7225 in extension.
Strategy: SELL Stop Loss: 0.7295. Take Profit: 0.7240
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7320, 0.7345, and 0.7370
Support levels: 0.7240, 0.7225, and 0.7200
The material has been provided by InstaForex Company - www.instaforex.com
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