NZD/USD is expected to trade with a bullish outlook. The pair accelerated on the upside and broke above its key resistance at 0.6990, which becomes the key support now. The 20-period moving average crossed above the 50-one. The relative strength index is bullish and calls for a further rise.
To sum up, above 0.6990, look for a new challenge with targets at 0.7050 and 0.7070 in extension.
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 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: 0.7050, 0.7070, and 0.7105
Support levels: 0.6975, 0.6960, and 0.6920
The material has been provided by InstaForex Company – www.instaforex.com