Technical analysis of NZD/USD for January 22, 2018

NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above its key support at 0.7245 and is likely to post a new rebound. The intraday relative strength index is turning up, which should confirm a bullish outlook.

Hence, as long as 0.7245 holds on the downside, look for a new rise to 0.7310 and 0.7330 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, while the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7310, 0.7335, and 0.7370.

Support levels: 0.7220, 0.7190, and 0.7170.

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

Source:: Technical analysis of NZD/USD for January 22, 2018