NZD/USD is rebounding and is expected to trade with a bullish outlook. The pair has clearly reversed up and is now heading upwards to 0.7150. The rising 20-period and 50-period moving averages are below the prices and should limit any downward attempts. Besides, the relative strength index is bullish, supported by a rising trend line.
To conclude, as long as 0.7080 is not broken, a likely advance to 0.7150 and 0.7170 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 are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7150, 0.7170, and 0.7195
Support levels: 0.7050, 0.7025, and 0.700
The material has been provided by InstaForex Company - www.instaforex.com