NZD/USD is expected to trade with bullish bias above 0.7230. The pair is staying above its horizontal support at 0.7230, and lacks downward momentum. Even though a continuation of the consolidation at the current stage cannot be ruled out, its extent should be limited. As long as 0.7230 is not broken below, a further bounce is expected with 0.7345 and 0.7380 as the next targets.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7345 and the second one at 0.7340. In the alternative scenario, short positions are recommended with the first target at 0.7190 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7160. The pivot point lies at 0.7230.
Resistance levels: 0.7345, 0.7380, 0.7420
Support levels: 0.7190, 0.7160, 0.7115
The material has been provided by InstaForex Company – www.instaforex.com
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