Technical analysis of NZD/USD for March 07, 2018

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NZD/USD is expected to trade higher. The bullish bias remains. Despite the recent pullback from 0.7310 (the high of March 6), the pair still stays above the rising 50-period moving average, which plays a support role. Even though a continuation of consolidation cannot be ruled out, its extent should be limited. To conclude, as long as 0.7265 is not broken, look for a further advance with targets at 0.7310 and 0.7325 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: 0.7310, 0.7325, and 0.7365.

Support levels: 0.7245, 0.7215, and 0.7175.

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