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NZD/USD is turning upwards hitting its strong support area around 0.6345. The 20-period moving average has clearly reversed up, and also broke above the 50-period one generating a positive signal. The relative strength index is well directed above its 70% area, which suggests that the pair may be overbought at the current stage. Nevertheless, as long as 0.6385 (our stop loss) is not broken, a further advance to 0.6475 and 0.6510 is expected.
Trading recommendations:
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6560 and the second target at 0.6610. In the alternative scenario, short positions are recommended with the first target at 0.6410 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 0.6350. The pivot point is at 0.6460.
Resistance levels: 0.6560, 0.6610, 0.6650
Support levels: 0.6410, 0.6350, 0.63
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