NZD/USD is expected to trade with a bullish outlook. Although the pair posted a pullback, a support base at 0.7160 has formed and has allowed for a temporary stabilization. The relative strength index is above its neutrality level at 50.
Therefore, as long as 0.7150 holds on the downside, look for a further advance with targets at 0.7205 and 0.7225 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates 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: 0.7205, 0.7225, and 0.7260
Support levels: 0.7130, 0.7100, and 0.6955
The material has been provided by InstaForex Company - www.instaforex.com