NZD/USD is expected to trade in a lower range as bias remains bullish. The pair remains on the upside supported by its rising 50-period intraday MA. The immediate trend is upward, but momentum is weak, as the intraday RSI lacks strong upward momentum, calling for caution. Nevertheless, as long as 0.6380 (a key horizontal support) holds on the downside, any consolidations should be limited before further advance to 0.6455 and 0.6485.
Trading recommendations:
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 0.6485. In the alternative scenario, short positions are recommended with the first target at 0.6350 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 0.6320. The pivot point is at 0.6380.
Resistance levels: 0.645 0.6485 0.6525
Support levels: 0.6350 0.6320 0.6285
