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NZD/USD is expected to extend it upside movement. The pair recorded a succession of higher tops and higher bottoms since Jan 18 and is holding on the upside. The upward momentum is further reinforced by its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 0.7180 is support, look for a further upside toward 0.7215 and even 0.7250 in extension.
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 0.7215 and the second one at 0.7250. In the alternative scenario, short positions are recommended with the first target at 0.7140 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7110. The pivot point is at 0.7180.
Resistance levels: 0.7215, 0.7250, 0.7275
Support levels: 0.7140, 0.7110, 0.7090
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