NZD/USD is expected to trade with a bullish outlook and expected to continue the upside movement. The pair has reversed up after yesterday’s strong rebound on its key support at 0.6860. A bullish cross between the 20-period and 50-period moving averages has been identified. In addition, the relative strength index is also turning up, and calling for a further advance.
In conclusion, as long as 0.6860 is not broken, the pair is likely to advance to 0.6935 and 0.6955 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: 0.6935, 0.6955, and 0.6975
Support levels: 0.6840, 0.6820, and 0.6790
The material has been provided by InstaForex Company – www.instaforex.com