NZD/USD is expected to trade with a bullish outlook. The pair posted a rebound and broke above its 20-period and 50-period moving averages. In addition, the golden cross between 20-period and 50-period moving averages has been identified. The relative strength index calls for a bounce.
Therefore, above 0.6810, look for a further advance with targets at 0.6860 and 0.6885 in extension.
The black line shows 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: 0.6860, 0.6885, and 0.6910
Support levels: 0.6785, 0.6760, and 0.6730
The material has been provided by InstaForex Company - www.instaforex.com