NZD/USD is expected to trade in a lower range as the key resistance is at 0.6820. According to a chartist view, the pair remains under pressure below its nearest resistance at 0.6820. The intraday RSI is mixed to bearish and has just broken below its neutrality area at 50. In this case, as long as 0.6820 is not surpassed, look for a likely decline to challenge 0.6735, and if it breaks out, look for further downside to 0.67 (a major horizontal support) 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 0.6735. A breakout of that target will move the pair further downwards to 0.67. The pivot point stands at 0.6820. 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 0.6865 and the second target at 0.69.
Resistance levels: 0.6865 0.69 0.6925 Support levels: 0.6735 0.67 0.6650
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