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NZD/USD is expected to trade in a higher range. The pair posted a strong rebound yesterday, and also jumped above its 20-period and 50-period moving averages. The immediate trend is up now, and the momentum is strong. The previous resistance at 0.6895 now plays a support role, which should limit any downward attempts. At the same time, the relative strength index is bullish, without showing any reversal signals. Hence, further upside is therefore expected with the next horizontal resistance and overlap set at 0.7005 at first.
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 0.7005 and the second one, at 0.7030. In the alternative scenario, short positions are recommended with the first target at 0.6865 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 0.6835. The pivot point is at 0.6895.
Resistance levels: 0.7005, 0.7030, 0.7060
Support levels: 0.6865, 0.6835, 0.6790
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