NZD/USD is expected to trade with a bullish outlook. The pair remains supported by an intraday rising trend line, and is likely to challenge its next resistance at 0.7330, representing Jan 17 top. The relative strength index is turning up, and also broke above its neutrality area at 50. Last but not least, a strong support base at 0.7275 has formed, and should limit any downside room.
Hence, above 0.7275, look for further advance to 0.7330 and 0.7350 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 are showing the support levels, while the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7330, 0.7350, and 0.7370.
Support levels: 0.7255, 0.7230, and 0.7200.
The material has been provided by InstaForex Company – www.instaforex.com