NZD/USD is expected to prevail its upside movement. Technically, the pair is turning up, and is well supported by its rising 20-period and 50-period moving average. The immediate trend is upward, and momentum is strong as the relative strength index is bullish. It is backed by a rising trend line. In these perspectives, as long as 0.670 is not broken, advance to 0.6820 and 0.6820 is expected.
Trading recommendations:
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 0.6820 and the second one at 0.6860. In the alternative scenario, short positions are recommended with the first target at 0.6670 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 0.6635. The pivot point is at 0.67.
Resistance levels: 0.6820, 0.6860, 0.69
Support levels: 0.6670, 0.6635, 0.66
Origin: InstaForex
