Source: Forex Analysis
Our first upside target which we predicted in yesterday’s analysis has been hit. NZD/USD is expected to trade with a bullish outlook above 0.7285. The pair is supported by an upward trend line since February 8, which confirmed a bullish outlook. The relative strength index is above its neutrality level at 50. A support base at 0.7265 has formed and has allowed for a temporary stabilization.
Hence, above 0.7285, look for a further advance with targets at 0.7350 and 0.7380 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7325, 0.7355, and 0.7385.
Support levels: 0.7225, 0.7200, and 0.7175.
The material has been provided by InstaForex Company – www.instaforex.com