NZD/USD moved in the same direction as predicted in yesterday's Analysis. Today the pair is expected to move in the upward direction as far as it is above 0.7190 support. The technical outlook for the pair is bullish as the prices broke above the upper boundary of a symmetric triangle. The rising 50-period moving average suggests that the pair has a potential for a further advance. The relative strength index is mixed with bullish bias.
To sum up, as long as 0.7190 holds on the downside, look for a new rise to 0.7240 and even to 0.7260 in extension.
Strategy: BUY at dips, Stop Loss: 0.7190, Take Profit: 0.7240
Graph Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used for enter and exit trades.
Resistance levels: 0.7240, 0.7260, and 0.7280
Support levels: 0.7170,0.7150, and 0.7120
The material has been provided by InstaForex Company - www.instaforex.com