NZD/USD is expected to continue its upward movement. The pair has surged above the upper boundary of a bullish channel and remains on the upside. Intraday technical indicators (20-, 50-period moving averages, relative strength index) are well directed suggesting a continuation of the bullish bias, which should bring the pair to the first upside target at 0.6675 (a key resistance seen on February 15-16). Key support is set 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. Therefore, long positions are recommended with the first target at 0.6675 and the second one at 0.67. In the alternative scenario, short positions are recommended with the first target at 0.6575 if the price moves below its pivot points. A breakout of this target is likely to push the pair further downwards, and one may expect the second target at 0.6540. The pivot point is set at 0.6610.
Resistance levels: 0.6675, 0.67, 0.6745
Support levels: 0.6575, 0.6540, 0.6505