Technical analysis of NZD/USD for January 10, 2018


Our first upward target which we predicted in yesterday's analysis has been hit. NZD/USD is expected to trade with a bullish outlook. The pair recorded higher tops and higher bottoms, which confirmed a bullish outlook. The upward momentum is further reinforced by both rising 20-period and 50-period moving average. The relative strength index is bullish, calling for a further upside.

To sum up, as long as 0.7160 is not broken, look for a new advance with targets at 0.7245 and 0.7275 in extension.

The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels, while the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7245, 0.7275, and 0.7310.

Support levels: 0.7135, 0.7110, and 0.7070.

The material has been provided by InstaForex Company -