NZD/USD is expected to trade with a bullish outlook. The technical outlook of the pair is positive as the price recorded higher tops and higher bottoms since July 20. The upward momentum is further reinforced by both ascending 20-period and 50-period moving averages. The relative strength is bullish above its neutrality level at 50.
To conclude, as long as 0.7390 holds on the downside, look for a new upside to 0.7500 and even to 0.7530 in extension.
Strategy: BUY Stop Loss: 0.7390 Take Profit: 0.7470
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: 0.750, 0.7530, and 0.7565
Support levels: 0.7360, 0.7330, and 0.7285
The material has been provided by InstaForex Company – www.instaforex.com