NZD/USD is expected to trade with bullish bias above 0.6475. The pair stays above its key support at 0.6475 and is expected to post a rebound. Meanwhile, the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6540 at first. A break above this level would call for further advance towards 0.6560.
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 0.6540 and the second target at 0.6560. In the alternative scenario, short positions are recommended with the first target at 0.6440 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 0.6415. The pivot point is at 0.6475.
Resistance levels: 0.6540, 0.6560, 0.6595
Support levels: 0.6440, 0.6415, 0.6375
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