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NZD/USD is expected to trade with bearish bias as the key resistance is at 10.6740. Following the second test last night, the pair failed to break above its key resistance at 0.6780 once again, and is slightly turning down now. The intraday trend is shifting on the downside as the 20-period SMA reversed down, and also crossed below the 50-period one. Moreover, the intraday RSI indicator is negative below its neutrality area at 50. In this case, as long as 0.6740 holds on the upside, the pair is expected to post a new pullback towards 0.6580 and 0.6550 in extension.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6580. A breakout of that target will move the pair further downwards to 0.6550. The pivot point stands at 0.6740. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6775 and the second target at 0.6810.
Resistance levels: 0.6775 0.6810 0.6865 Support levels: 0. 6580 0.6550 0.6515 0.6475
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