Technical analysis of NZD/USD for January 03, 2018


NZD/USD is expected to trade with bullish bias above 0.7080. The pair remains bullish above its key support at 0.7080, which maintains the strong buying pressure. Besides, the relative strength index is mixed to bullish. Therefore, even though continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited.

As long as 0.7080 is not broken, look for a new rise to 0.7130 and 0.7150 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 and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7130, 0.7150, and 0.7170

Support levels: 0.7050, 0.7025, and 0.700

The material has been provided by InstaForex Company -