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Technical analysis of NZD/USD for May 10, 2017

NZDUSDM30.png

NZD/USD is expected to trade with bullish bias above 0.6925. The pair is posting a pullback and is currently testing the support of its 50-period moving average. Meanwhile the 20-period moving average is above the 50-period one, and the relative strength index is around its neutrality area at 50, lacking downward momentum.

As long as 0.6925 is not broken below, further upside is expected with 0.6875 and 0.6855 as the next targets.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6875. A break below this target will move the pair further downwards to 0.6855. The pivot point stands at 0.6925. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6940 and the second one at 0.6955.

Resistance levels: 0.6940, 0.6955, and 0.6970

Support levels: 0.6875, 0.6855, and 0.6800

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