NZD/USD is expected to continue its rebound of 0.6610. The pair has confirmed a "double-top" bearish reversal pattern. Currently, its rebound from the first downside target at 0.6610 has lost momentum. Technical indicators (20-, 50-period moving averages, relative strength index) are bullish, suggesting the persistent upside. A breakout above 0.6710 would trigger further upside movement toward 0.6755. Key support is located at 0.6610.
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 0.6710 and the second target at 0.6755. In the alternative scenario, short positions are recommended with the first target at 0.6585 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 0.6560. The pivot point is at 0.6610.
Resistance levels: 0.6710, 0.6780, 0.6830
Support levels: 0.6585, 0.6560, 0.6510