NZD/USD is expected to extend the upside movement. The pair broke above its declining trend line yesterday, and resumed its bullish trend. The relative strength index is also turning up, and is above its neutrality area at 50. Last but not least, the 20-period and 50-period moving averages are heading upward, which should confirm a positive outlook.
Therefore, as long as 0.6890 is not broken, likely advance to 0.6955 and 0.6975 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.6955, 0.6975, and 0.7005
Support levels: 0.6870, 0.6805, and 0.6770
The material has been provided by InstaForex Company - www.instaforex.com
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