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NZD/USD is expected to trade with a bullish bias. The pair broke below its 20-period and 50-period moving averages and is posting some consolidation. The relative strength index is mixed and calling for caution. Nevertheless, a support base at 0.7145 has formed and should limit the downside attempts.The New Zealand dollar failed to follow through after surging to a one-year high of 0.7341 against the U.S. dollar upon the Reserve Bank of New Zealand's expected 25-basis-point rate cut. NZD/USD closed at 0.7202, just 9 pips higher on day. As long as this key support is not broken, we keep our positive view unchanged with up target at 0.7260. A break above this level would open the way to further upside toward the next resistance at 0.7310.
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 0.7260 and the second one, at 0.7310. In the alternative scenario, short positions are recommended with the first target at 0.7105, 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 0.7075. The pivot point is at 0.7145.
Resistance levels: 0.7260, 0.7310, 0.7380
Support levels: 0.7105, 0.7075, 0.7030
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