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NZD/USD is expected to trade with bearish bias. The pair posted a rebound yesterday, but now it is trading in a lower range and is likely to challenge the resistance at 0.7360. Meanwhile, the 20-period moving average crossed above the 50-period one, which is playing a support role and is heading upward. Besides, the relative strength index is bearish above its neutrality area at 50, and calls for further downside. To sum up, as long as 0.7360 holds on the upside, look for further downside towards 0.7250 and even 0.7220 in extension.
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 0.7250. A break below this target will move the pair further downwards to 0.7220. The pivot point stands at 0.7360. 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 0.7380 and the second one, at 0.7410.
Resistance levels: 0.7380, 0.7410, 0.7435
Support levels: 0.7250, 0.7220, 0.7190
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