NZD/USD is expected to trade with bullish bias as the upside prevails. The pair managed to break above its previous resistance at 0.6540, and posted a new bounce yesterday. The intraday outlook is bullish now, as the process of higher highs and lows has been confirmed. The intraday relative strength index remains bullish above its neutrality area at 50. The 20-period and 50-period moving averages act well as support roles. Hence, as long as 0.6540 holds on the downside, look for further advance to 0.6615 and 0.6645 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 0.6615 and the second target at 0.6645. In the alternative scenario, short positions are recommended with the first target at 0.65 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 0.6450. The pivot point is at 0.6540.
Resistance levels: 0.6615 0.6645 0.6695 Support levels: 0.65 0.6450 0.64
