NZD/USD is expected to trade with bullish bias. The pair remains trading within a rising trend channel, and is also supported by its 20-period and 50-period moving averages. Meanwhile the relative strength index lacks downward momentum. Therefore, as long as 0.7105 is not broken below, further bounce is expected with 0.7165 and 0.7205 as the next targets.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7165 and the second one at 0.7205. In the alternative scenario, short positions are recommended with the first target at 0.7075 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7045. The pivot point lies at 0.7105.
Resistance levels: 0.7165, 0.7205, 0.7255
Support levels: 0.7075, 0.7045, 0.70000
The material has been provided by InstaForex Company - www.instaforex.com