Technical analysis of NZD/USD for May 16, 2018

Source: Forex Analysis

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NZD/USD is expected to trade with a bullish outlook. Although the pair posted a pullback from 0.6850, it is still trading above the rising 50-period moving average, The relative strength index is above its neutrality level at 50 and lacks downward momentum. To conclude, as long as 0.6850 is not broken, look for the continuation of a rebound with targets at 0.6925 and 0.6955 in extension.

Chart Explanation: 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: 0.6925, 0.6955, and 0.7010

Support levels: 0.6820, 0.6800, and 0.6750

The material has been provided by InstaForex Company – www.instaforex.com