FX.co ★ Technical analysis of NZD/USD for February 16, 2017

NZD/USD is expected to Further advance. The pair broke above a bearish trend line (since Feb 13) and accelerated on the upside, which confirmed a positive outlook. The rising 20-period and 50-period moving averages play support roles and maintain the upside bias. The relative strength index is bullish above its neutrality level at 50 and lacks downward momentum. As long as 0.7195 holds on the downside, look for a further rise to 0.7260 and even 0.7280 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 0.7260 and the second one at 0.7280. In the alternative scenario, short positions are recommended with the first target at 0.7170, 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 0.7150. The pivot point is at 0.7195.

Resistance levels: 0.7260, 0.7280, and 0.7310

Support levels: 0.7170, 0.7150, and 0.7105