NZD/USD is expected to trade with bullish bias. The pair failed to break below its horizontal support at 0.67, and is currently posting some consolidations. At the same time, the 50-period moving average is still heading downward, which indicates that the prices may have downside potential to go. Therefore, as long as 0.6730 holds on the downside, the intraday outlook stays bullish with targets at 0.6805 and 0.6840 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. Therefore, long positions are recommended with the first target at 0.6805 and the second one at 0.6840. In the alternative scenario, short positions are recommended with the first target at 0.6675 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 0.6730.
Resistance levels: 0.6805, 0.6840, 0.6890
Support levels: 0.6675, 0.6650, 0.6600
