NZD/USD is expected to trade with bullish bias. The pair is trading above its 20- and 50-period MAs and is heading upwards. The intraday RSI is supported by a rising trendline established since September 24 and is above its neutrality level at 50. A support base has formed around 0.6305, which should limit the downside potential. As long as 0.6305 is not broken, the pair is likely to challenge its nearest resistance at 0.64. A break above this level would open an upward path 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 0.6275 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 0.6235. The pivot point is at 0.6305.
Resistance levels: 0.64 0.6425 0.6455
Support levels: 0.6275 0.6235 0.62
The material has been provided by InstaForex Company – www.instaforex.com