Our first upside target which we predicted in yesterday's analysis has been hit. NZD/USD is expected to trade with a bullish bias above 0.7345. The pair remains bullish above its nearest support at 0.7345 and is likely to post a new bounce. The process of higher highs and lows remains intact on the prices, which should confirm a positive outlook. In addition, the relative strength index is turning up and also broke above its neutrality at 50. To conclude, as long as 0.7345 is not broken, likely advance to 0.7385 and 0.7400 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7385, 0.7400, and 0.7450
Support levels: 0.7320, 0.7300, and 0.7265.
The material has been provided by InstaForex Company - www.instaforex.com
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