NZD/USD is expected to trade with bullish outlook. The pair posted a rebound and broke above the 20-period and 50-period moving averages. In addition, the 20-period moving average crossed above the 50-period one. The relative strength index lacks downward momentum.
Hence, as long as 0.6835 is not broken, look for a continuation of a technical rebound to 0.6930 and even to 0.6950 in extension.
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 0.6930 and the second one at 0.6950. In the alternative scenario, short positions are recommended with the first target at 0.6815 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6775. The pivot point is at 0.6835.
Resistance levels: 0.6930, 0.6950, and 0.6970
Support levels: 0.6815, 0.6775, and 0.6825
