NZD/USD is expected to trade with a bullish outlook. The pair is expected to challenge its nearest key resistance at 0.6955, and is likely to break above it in the coming trading hours. The 20-period moving average has crossed above the 50-period one, and both of them are turning up, calling for further advance. The relative strength index is also bullish above its neutrality area at 50.
Hence, as long as 0.6880 is not broken, look for a new rise to 0.6955 and 0.6990 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates 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: 0.6955, 0.6990, and 0.7045
Support levels: 0.6850, 0.6830, and 0.6800
The material has been provided by InstaForex Company - www.instaforex.com