Technical analysis of NZD/USD for January 02, 2018

NZD/USD is expected to trade with a bullish outlook. The pair is consolidating above its key support at 0.7080, which should limit the downside potential. The relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Hence, above 0.7080, look for a further rise with targets at 0.7150 and 0.7170 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: 0.7150, 0.7170, and 0.7200

Support levels: 0.7050, 0.7025, and 0.700

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

Source:: Technical analysis of NZD/USD for January 02, 2018