NZD/USD is expected to consolidate and then, rise. The pair holds above its nearest support at 0.6320, and seems likely to post further consolidation. Nevertheless, the 50-period intraday MA still plays a support role, and may limit any downside room. Besides, the intraday RSI is turning up from its neutrality level at 50. Therefore, as long as 0.6320 is not broken, look for further advance to 0.6395 and 0.6425 after a limited consolidation.
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 0.6395 and the second target at 0.6425. In the alternative scenario, short positions are recommended with the first target at 0.6285 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 0.6320.
Resistance levels: 0.6395 0.6425 0.6455
Support levels: 0.6285 0.6260 0.6236
The material has been provided by InstaForex Company – www.instaforex.com