NZD/USD is expected to trade with a bearish bias as the key resistance is seen at 0.6590. The pair is moving sideways within a range between 0.6590 and 0.6500, and seems to be more likely to test the lower boundary. The technical outlook is mixed to bearish, as the strong resistance at 0.6590 continues to maintain selling pressure, while the intraday RSI lacks upward momentum. Hence, as long as 0.6590 holds on the upside, expect a new pullback to 0.6500 and 0.6475.
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 0.65. A break of that target will move the pair further downwards to 0.6475. The pivot point stands at 0.6565. 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 0.6590 and the second target at 0.6625.
Resistance levels:0.6590 0.6625 0.6645 Support levels: 0.6500 0.6475 0.6435