NZD/USD is expected to trade with bearish bias as the key resistance at 0.6545. The pair remains under pressure below its nearest resistance at 0.6545. The intraday RSI is turning up, and calls for a rebound. Nevertheless, even though a technical rebound cannot be ruled out at the current stage, its extent should be limited. As long as the resistance at 0.6545 is not surpassed, the risk of the break below 0.64500 remains high.
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 0.6445. A break of that target will move the pair further downwards to 0.6420. The pivot point stands at 0.6545. 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 0.6590 and the second target at 0.6625.
Resistance levels:0.6590 0.6625 0.6645 Support levels: 0.6445 0.6420 0.6370
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