Technical analysis of NZD/USD for December 05, 2017

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NZD/USD is expected to trade with a bullish outlook. The pair managed to hold above its major support at 0.6860, and is reversing up after having formed an intraday "double bottom" pattern. The upside potential has been opened towards 0.6930, as both the 20-period and 50-period moving averages are now below the prices, and should act as strong support roles.

Last but not least, the rising relative strength index calls for further advance to 0.6930 and 0.6945 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: 0.6930, 0.6945, and 0.6985

Support levels: 0.6840, 0.6815, and 0.6770

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