Our first target which we predicted in our previous analysis has been hit. NZD/USD is still expected to trade with a bullish outlook. The pair has pulled back on its horizontal support at 0.7225, and is likely to post a new rebound. Both the 20-period and 50-period moving averages are still on the upside, which should confirm a positive outlook. Besides, the relative strength index is mixed to bullish. Therefore, as long as 0.7230 is not broken, likely advance to 0.7325 and 0.7455 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 show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7325, 0.7345, and 0.7370.
Support levels: 0.7205, 0.7185, and 0.7140.
The material has been provided by InstaForex Company - www.instaforex.com