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NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair is consolidating after having broken below its 20-period moving average. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Nevertheless, the rising 50-period moving average is playing a support role and maintains the upside bias. Additionally, 0.7260 represents a significant key support level, which should limit the downside potential. As long as 0.7260 is not broken, look for a technical rebound toward 0.7330. A break above this level would call for a further upside toward 0.7350.
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 0.7330 and the second one at 0.7350. In the alternative scenario, short positions are recommended with the first target at 0.7225 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 0.7200. The pivot point lies at 0.7260.
Resistance levels: 0.7330, 0.7350, 0.7405
Support levels: 0.7225, 0.7200, 0.7175
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