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NZD/USD is expected to trade with bearish bias as the key resistance lies at 0.7160. The pair is posting some rebound, having broken above its 20-period moving average. Nevertheless, the prices failed to break above the key resistance at 0.7160, and the upward potential is likely to be limited by the threshold.The U.S. dollar maintains its strength against other major currencies.The ICE U.S. Dollar Index advanced by 0.1% to 96.32 posting a winning streak of four sessions straight. As long as 0.7160 holds as the key resistance, the pair is likely to return to 0.7085. A break below this level would open the way to further weakness toward the horizontal support at 0.7060.
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 0.7085. A break below this target will move the pair further downwards to 0.7060. The pivot point stands at 0.7160. If 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 0.7195 and the second one at 0.7220.
Resistance levels: 0.7195, 0.7220, 0.7260
Support levels: 0.7085, 0.7060, 0.7015
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