NZD/USD Intraday is expected to trade in a lower range. The pair remains in a downtrend and is capped by a negative trendline. The intraday RSI lacks upward momentum and is below its 50 area. Besides, the bearish pattern of lower highs and lows remains intact. As long as 0.6405 (our trailing stop loss) is not surpassed, expect further weakness to 0.6310 and 0.6285 in extension.
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 0.6310. A break of that target will move the pair further downwards to 0.6285. The pivot point stands at 0.6405. 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 0.6430 and the second target at 0.6470.
Resistance levels: 0.6430 0.6470 0.6505
Support levels: 0.6310 0.6285 0.6215
The material has been provided by InstaForex Company – www.instaforex.com