NZD/USD is under pressure and is expected to trade in a lower range. The pair remains under pressure following the recent downside breakout of its 20- and 50-period MAs on an intraday basis. The key resistance at 0.6820 has been formed and it should limit any upward attempts. Furthermore, the intraday RSI is negative below its neutrality area at 50. Hence, as long as 0.6820 is not surpassed, a decline to 0.6735, and then to 0.6700 is possible.
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 0.6735. A breakout of that target will move the pair further downwards to 0.67. The pivot point stands at 0.6820. 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 0.6865 and the second target at 0.69.
Resistance levels: 0.6865 0.69 0.6925 Support levels: 0.6735 0.67 0.6650
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