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Technical analysis of NZD/USD for September 29, 2016

NZDUSDM30.png

NZD/USD is expected to prevail its upside movement. The pair is trading on the upside, and is likely to challenge the nearest resistance at 0.7330. Meanwhile, the rising 20-period moving average crossed above the 50-period one, both of which are turning up now. Besides, the relative strength index is rebounding above its neutrality area at 50, calling for further upside. Additionally, a support base at 0.7265 has formed, and should limit the downside potential. To sum up, as long as 0.7265 is not broken, look for further advance to 0.7330 and even to 0.7350 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7330 and the second one at 0.7350. In the alternative scenario, short positions are recommended with the first target at 0.7245 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7220. The pivot point lies at 0.7265.

Resistance levels: 0.7330, 0.7350, 0.7370

Support levels: 0.7245, 0.7220, 0.7200

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