NZD/USD is expected to continue its rebound. The pair is rebounding, and is now challenging its next resistance level at 0.6945. The relative strength index is above its neutrality level at 50 and shows upside momentum. To sum up, as long as 0.6915 is not broken, it is likely to advance with 0.6945 and 0.6960 as 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 0.6935 and the second one at 0.6945. In the alternative scenario, short positions are recommended with the first target at 0.6880 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 0.6870. The pivot point lies at 0.6895.
Resistance levels: 06935, 0.6945, 0.6965
Support levels: 0.6880, 0.6870, 0.6855
The material has been provided by InstaForex Company – www.instaforex.com