Our Friday's NZD/USD buy position target has been hit. NZD/USD still expected to trade with bullish bias above 0.7250. Although the pair posted a pullback, it is supported by the rising 50-period moving average. A support base at 0.7250 has been formed, allowing for a temporary stabilization. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
Therefore, as long as 0.7250 is not broken, look for a further rise to 0.7320 and even to 0.7340 in extension.
Strategy: BUY Stop Loss: 0.7250. Take Profit: 0.7320
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7320, 0.7340, and 0.7380
Support levels: 0.7230, 0.7200, and 0.7160
The material has been provided by InstaForex Company - www.instaforex.com