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NZD/USD is expected to trade with a bearish bias as the key resistance at 0.7240. The pair is posting some technical rebound and broke above its 20-period moving average. The relative strength index is around its neutrality level at 50 and is turning up. Nevertheless, 0.7240 is playing a key resistance role, which should limit the upside potential. Additionally, the declining 50-period moving average suggests that the pair still has potential for a further downside. As long as 0.7240 is not broken, the pair is likely to return to its next support at 0.7135. A break below this level would call for a further downside toward 0.7105.
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 0.7135. A break below this target will move the pair further downwards to 0.7105. The pivot point stands at 0.7240. 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 0.7300 and the second one at 0.7345.
Resistance levels: 0.7300, 0.7345, 0.7380
Support levels: 0.7135, 0.7105, 0.7065
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