The upside movement is expected to prevail in NZD/USD. The pair remains well on the upside, backed by its rising 20-period and 50-period moving averages. The relative strength index is mixed to bullish above its neutrality area at 50. Last but not least, the formation of higher highs and lows remains intact. In these perspectives, the intraday outlook is still positive with 0.6835 and 0.6860 as targets. Our trailing stop loss is set at 0.6735.
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 0.6835 and the second one at 0.6860. In the alternative scenario, short positions are recommended with the first target at 0.6695 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 0.6640. The pivot point is at 0.6720.
Resistance levels: 0.6835, 0.6860, 0.69
Support levels: 0.6695, 0.6640, 0.6590
The material has been provided by InstaForex Company - www.instaforex.com