NZD/USD is expected to trade in a lower range intradaily as key resistance is at 0.6350. The pair remains in consolidation below its key resistance at 0.6350 on an intraday basis. The upward potential is likely to be limited by this threshold as the intraday RSI lacks upward momentum. Our downside targets are set at 0.6275 and 0.6240.
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 0.6275. A break of that target will move the pair further downwards to 0.6240. The pivot point stands at 0.6350. 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 0.6385 and the second target at 0.6425.
Resistance levels: 0.6385 0.6425 0.6475
Support levels: 0.6275 0.6240 0.6205
The material has been provided by InstaForex Company – www.instaforex.com