NZD/USD is expected to trade with a bullish outlook. Despite the recent pullback, a support base at 0.7150 has formed and has allowed for a temporary stabilization. The relative strength index is above its neutrality level at 50.
Hence, as long as 0.7150 holds on the downside, the continuation of rebound to 0.7190 and even to 0.7210 is expected.
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: 0.7190, 0.7210, and 0.7250
Support levels: 0.7130, 0.7110, and 0.7075
The material has been provided by InstaForex Company - www.instaforex.com
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