NZD/USD is expected to trade with a bullish outlook. The pair posted a rebound and broke above its 20- and 50-period moving averages. In addition, the 50-period moving average is turning up. The relative strength index lacks downward momentum.
The US dollar turned weaker ahead of the Federal Reserve monetary policy meeting starting Tuesday and the US October jobs report due Friday. Investors also grew cautious amid news that Paul Manafort, President Donald Trump's former campaign manager was facing charges in the Russian probe.
Hence, as long as 0.9935 is a support, look for a further advance with targets at 1.0030 and 1.0050 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 0.9935, Take Profit: 1.0030
Resistance levels: 1.0030, 1.0050, and 1.0075
Support levels: 0.9900, 0.9870, and 0.9850
