NZD/USD is expected to trade in a higher range as bias remains bullish. The pair posted a strong rebound from its key support at 0.6355 and remains on the upside. The intraday 50-period MA is heading upwards, acting as support. Besides, the intraday RSI holds above its neutrality level of 50 and lacks downward momentum. Therefore, as long as 0.6305 is not broken, look for further advance to 0.6425 and 0.6455 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 0.6425 and the second target at 0.6455. In the alternative scenario, short positions are recommended with the first target at 0.6305 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 0.6275. The pivot point is at 0.6355.
Resistance levels: 0.6425 0.6455 0.9484
Support levels: 0.6306 0.6275 0.6245
The material has been provided by InstaForex Company – www.instaforex.com