Technical analysis of NZD/USD for January 09, 2018

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Our first upside target which we predicted in yesterday's analysis has been hit. NZD/USD is still expected to trade with bullish outlook. The pair is consolidating above its key support at 0.7160. The relative strength index is around its neutrality level at 50 and lacks downward momentum.

To conclude, as long as 0.7160 is not broken, look for a rebound to 0.7220. A break above this level would trigger another advance to 0.7240.

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: 0.7190, 0.7220, and 0.7250.

Support levels: 0.7145, 0.7125, and 0.7100.

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