NZD/USD is expected to trade with a bullish bias currently trading at 0.6700, the pair is just above its key support at 0.6724 and is still testing this threshold. The intraday technical indicator such as the relative strength index is mixed calling for being cautious. Besides, the 20-period and 50-period moving averages are turning flat, posting mixed signals. In this case, as long as 0.6700 is not clearly broken, we remain cautiously positive with targets at 0.6790 and 0.6835.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6790 and the second target at 0.6835. In the alternative scenario, short positions are recommended with the first target at 0.666 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6590. The pivot point is at 0.67.
Resistance levels: 0.6790 0.6835 0.6875
Support levels: 0.6660 0.6590 0.6565
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