NZD/USD is expected to trade with bullish bias as key support is at 0.6295. The pair is trading on the upside with support provided by the rising 20- and 50-period MAs. The intraday RSI is above its neutrality level at 50. In addition, a support base has formed around 0.6295, which should limit any downside potential. As long as 0.6425 holds as the key support, look for a technical rebound to 0.64. A break above this level would call for a further upside to 0.6425.
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 0.64 and the second target at 0.6425. In the alternative scenario, short positions are recommended with the first target at 0.6250 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 0.6230. The pivot point is at 0.9295.
Resistance levels: 0.64 0.6425 0.6465
Support levels: 0.6250 0.6230 0.62
The material has been provided by InstaForex Company – www.instaforex.com