NZD/USD is under pressure. The pair accelerated on the downside following the bearish breakout of its previous support at 0.6590. The intraday outlook is negative as the falling 20- and 50-period intraday MAs are exerting strong resistance. Besides, the intraday RSI is under pressure below its neutrality area at 50. Hence, as long as 0.6590 is resistance, look for a choppy price action with a bearish bias. Our next down targets are set at 0.65 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 0.650. A break of that target will move the pair further downwards to 0.6475. The pivot point stands at 0.6590. 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 0.6645 and the second target at 0.6705.
Resistance levels: 0.6645 0.6705 0.6755 Support levels: 0.6500 0.6475 0.6435