NZD/USD is expected to continue the upside movement and looking forward to new highs. The pair recorded higher tops and higher bottoms since September 7, which confirmed a positive outlook. The 20-period moving average crossed above the 50-period one. The relative strength index calls for a new up leg.
To conclude, as long as 0.7265 holds on the downside, look for a further advance to 0.7340 and even to 0.7375 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7340, 0.7375, and 0.7415
Support levels: 0.7235, 0.7130, and 0.7085
The material has been provided by InstaForex Company – www.instaforex.com