NZD/USD is expected to trade with bullish bias. The pair remains on the upside, and seems to post a new rebound. A strong support base around 0.6555 has been formed. It should prevent any downward attempts. Furthermore, the intraday RSI stands above its neutrality area at 50, and the 20- and 50-period MAs still play support roles. Taking tis into account, as long as 0.6550 is not broken, expect further advance to 0.6615 and 0.6650 in extension.
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 0.6615 and the second target at 0.6650. In the alternative scenario, short positions are recommended with the first target at 0.6530 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 0.6510. The pivot point is at 0.6555.
Resistance levels: 0.6615 0.6650 0.6675
Support levels: 0.6530 0.6510 0.6480
The material has been provided by InstaForex Company – www.instaforex.com