NZD/USD is expected to trade in a higher range. The pair has been well supported by its 20-period and 50-period intraday MAs and remains on the upside. The intraday RSI stays above its 50% neutral area and is positively oriented. Further upside is therefore expected with the next horizontal resistance and a high of 0.6350. A break above this level would call for further advance toward 0.64.
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 0.6350 and the second target at 0.64. In the alternative scenario, short positions are recommended with the first target at 0.6220 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 0.6190. The pivot point is at 0.6250.
Resistance levels: 0.6350 0.640 0.6430
Support levels: 0.6220 0.6190 0.6150
The material has been provided by InstaForex Company – www.instaforex.com