NZD/USD pair is turning up. The pair formed a “rounding bottom” pattern on an intraday basis confirming a bullish trend reversal. A continuation of the technical rebound is mpre likely to be headed towards 0.6430, as the 20- and 50-period intraday MAs are on the upside, and act as resistance levels. The intraday RSI is well-directed and calls for a new upward move. In these perspectives, as long as 0.6335 is not broken, look for further advance to 0.6430 & 0.6470 in extension.
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 0.6430 and the second target at 0.6470. In the alternative scenario, short positions are recommended with the first target at 0.6310 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 0.6260. The pivot point is at 0.6335.
Resistance levels: 0.6430 0.6470 0.65
Support levels: 0.6310 0.6260 0.6315
The material has been provided by InstaForex Company – www.instaforex.com