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16.05.201815:25 Forex Analysis & Reviews: Technical analysis of NZD/USD for May 16, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 16.05.2018 analysis

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

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