12.12.201706:28 Forex Analysis & Reviews: Technical analysis of NZD/USD for December 12, 2017

Long-term review

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NZD/USD is expected to trade with a bullish outlook. Despite a recent pullback from 0.6930 (the high of December 11), the pair is still trading above the rising 50-period moving average, which plays a support role. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Hence, as long as 0.6895 holds on the downside, look for a further advance with targets at 0.6945 and 0.6965 in extension.

The black line shows the pivot point. Currently, the price is above the pivot point, which is the signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.6945, 0.6965, and 0.700

Support levels: 0.6870, 0.6845, and 0.6800

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