NZD/USD is expected to trade in a higher range. The pair has accelerated to the upside after breaking above its previous high at 0.6725, which is currently playing a key support role. The intraday RSI is well directed and calls for further upside as well. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6845 at first. A break above this level would call for further advance towards 0.69 in extension.
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 0.6845 and the second target at 0.69. In the alternative scenario, short positions are recommended with the first target at 0.67 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 0.6650. The pivot point is at 0.6725.
Resistance levels: 0.6845 0.69 0.6925 Support levels: 0.67 0.6650 0.6600
