NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair is turning up, supported by its rising 20-period and 50-period moving averages. The relative strength index stands firmly above its neutrality area of 50. Furthermore, the process of higher highs and lows remains intact, which should confirm a positive outlook. In these perspectives, as long as 0.6675 holds on the downside, we are looking for a new bounce to 0.6780 and 0.6815 in extension.
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 0.6780 and the second one at 0.6815. In the alternative scenario, short positions are recommended with the first target at 0.6645 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 0.66. The pivot point is at 0.6675.
Resistance levels: 0.6780, 0.6820, 0.6860
Support levels: 0.6645, 0.66, 0.6570