NZD/USD is expected to trade with a bearish bias below the key resistance at 0.6555. The pair remains under pressure below its key resistance at 0.6555, and seems more likely to post further decline. The intraday RSI indicator is still negative below its neutral area at 50. Furthermore, a bearish cross between the 20- and 50-period MAs has been identified, confirming a bearish outlook. As long as 0.6555 holds on the upside, we expect a new pullback towards 0.6450 and 0.6425.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6450. A break of that target will move the pair further downwards to 0.6425. The pivot point stands at 0.6555. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.660 and the second target at 0.6630.
Resistance levels: 0.660.6630 0.6685
Support levels: 0.6450 0.6425 0.6375
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