NZD/USD may rise 39 - 56 pips
Our pivot point stands at 0.6979.
Our preference
The upside prevails as long as 0.6979 is support.
Alternative scenario
The downside breakout of 0.6979 would call for 0.6950 and 0.6933.
Comment
The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.6974 and 0.6959).
Our pivot point stands at 0.6979.
Our preference
The upside prevails as long as 0.6979 is support.
Alternative scenario
The downside breakout of 0.6979 would call for 0.6950 and 0.6933.
Comment
The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.6974 and 0.6959).