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NZD/USD is expected to continue its upward movement. The pair is bullish above its rising 20-period and 50-period moving averages, which act as support and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. A support base has been formed around 0.7010, which should limit the downside potential. Another positive factor is that the pair has broken above the upper boundary of the Bollinger Band, which could signal a continuation of bullish trend. As long as 0.7010 is not broken, look for further rise toward 0.7125 and even 0.7155 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 0.7125 and the second one at 0.7155. In the alternative scenario, short positions are recommended with the first target at 0.7010 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 0.6970. The pivot point is at 0.7055.
Resistance levels: 0.7125, 0.7155, 0.7180
Support levels: 0.7010, 0.6970, 0.6935
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