NZD/USD is expected to trade with bullish bias. The pair is still in an uptrend as the process of the higher highs and lows remains intact. The 20- and 50-period MAs are heading upwards and should continue pushing the prices higher. Furthermore, the intraday RSI indicator lacks downward momentum. Therefore, as long as 0.6595 is not broken, a continuation of the rebound seems to be on the cards. Our next upward targets are set at 0.6670 and 0.6690.
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 0.6670 and the second target at 0.6690. In the alternative scenario, short positions are recommended with the first target at 0.6575 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 0.6550. The pivot point is at 0.6595.
Resistance levels: 0.6670 0.6690 0.6945
Support levels: 0.6575 0.6530 0.6510
The material has been provided by InstaForex Company – www.instaforex.com