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NZD/USD is expected to trade in a higher range as intraday support lies at 0.7240. The level at 0.7240 (a level of over-lapping support and resistance) is providing the key support to the pair and maintaining the bullish intraday outlook. While the pair was rebounding from 0.7330, the relative strength index landed on the neutrality level of 50 and now it is rising up, calling for further upward momentum for the pair. As long as the bullish bias is maintained, the pair could retest the first upside target at 0.7330.
Recommendation:
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 0.7360. In the alternative scenario, short positions are recommended with the first target at 0.72 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 0.7170. The pivot point is at 0.7240.
Resistance levels: 0.7330, 0.7360, 0.7400
Support levels: 0.7200 , 0.7170, 0.7135
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