Technical analysis of NZD/USD for December 27, 2017

NZD/USD is expected to trade with bullish bias above 0.7010. The pair remains supported by its rising trend line and is likely to post a new rebound. Besides, a strong support base at 0.7010 has formed and should limit any downward attempts. Last but not least, the relative strength index is above its neutrality area at 50.

To sum up, as long as 0.7010 is not broken, likely advance to 0.7080 and 0.7100 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 0.7100

Support levels: 0.6970, 0.6950, and 0.6920

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of NZD/USD for December 27, 2017