NZD/USD is expected to trade with a bullish bias. Currently trading at 0.6759, the pair is facing the challenge of its key support at 0.6675 representing an upper boundary of an intraday declining channel. The intraday view is mixed to bearish. In terms of technical indicators, the 50-period MA remains negative, which indicates that the prices may still have upside potential to go. To sum up, as long as 0.6675 is not surpassed, expect upward movement to 0.6810 and 0.6850.
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 0.6810 and the second target at 0.6850. In the alternative scenario, short positions are recommended with the first target at 0.6640 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..6610. The pivot point is at 0.6675.
Resistance levels: 0.6810 0.6850 0.69 Support levels: 0.6640 0.6610 0.6585
The material has been provided by InstaForex Company – www.instaforex.com