NZD/USD is expected to trade with bearish bias. Currently trading at 0.6562, the pair remains under pressure below its nearest resistance at 0.6590, and it seems likely to post further decline. The 50-period MA is turning down and acting as a resistance role. The short-term resistance at 0.6510 also maintains the selling pressure. Besides, the intraday RSI is badly directed. Therefore, as long as 0.6590 holds as the key resistance, expect a return to 0.6510 on the downside and 0.6465 in extension.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6510. A break of that target will move the pair further downwards to 0.6465. The pivot point stands at 0.6590. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6630 and the second target at 0.6675.
Resistance levels: 0.6630 0.6675 0.6735
Support levels: 0.6510 0.6465 0.6415
