NZD/USD is under pressure. After breaking below the 0.6800 level overnight, the pair is trading below its declining 20-period intraday MA, which stands below the descending 50-period one. The intraday RSI is below its neutrality level at 50. As long as 0.6785 holds as the key resistance, look for a further downside towards 0.6700.
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 0.67. A breakout of that target will move the pair further downwards to 0.6650. The pivot point stands at 0.6785. 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 0.6845 and the second target at 0.69.
Resistance levels: 0.6845 0.69 0.6925 Support levels: 0.67 0.6650 0.6600
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