NZD/USD is expected to trade with bullish bias. The pair remains above its horizontal support at 0.6880, which should allow a temporary stabilization. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited. To sum up, as long as 0.6880 holds on the downside, the intraday outlook remains positive with targets at 0.6990 and 0.7020 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 0.6990 and the second one at 0.7020. In the alternative scenario, short positions are recommended with the first target at 0.6835 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 0.6795. The pivot point is at 0.6880.
Resistance levels: 0.6990, 0.7020, 0.67050
Support levels: 0.6835, 0.6795, 0.6735
