NZD/USD is expected to trade with a bullish outlook above 0.7200. The pair posted a rebound above its 50-period moving average. The relative strength index is above its neutrality level at 50. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
To conclude, as long as 0.7200 is not broken, look for a further rise with targets at 0.7260 and 0.7280 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: 0.7260, 0.7280, and 0.7305
Support levels: 0.7180, 0.7165, and 0.7130
The material has been provided by InstaForex Company – www.instaforex.com