NZD/USD is expected to trade with a bullish outlook. The technical picture of the pair is positive as the prices recorded higher tops and higher bottoms since August 24. The bullish cross between 20-period and 50-period moving averages has been identified. The relative strength index is supported by the rising trend line.
To sum up, as long as 0.7205 holds on the downside, look for a further advance to 0.7260 and even to 0.7280 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it remains below the pivot point, it will indicate 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: 0.7260, 0.7280, and 0.7315
Support levels: 0.7185, 0.7160, and 0.7130
The material has been provided by InstaForex Company - www.instaforex.com
No comments:
Post a Comment