NZD/USD is expected to trade in a lower range as the bias remains bearish. The pair failed to break above its horizontal resistance and overlap at 0.7085 after having tested it for at least two times yesterday. Meanwhile, a bearish cross has been identified between the 20-period and 50-period moving averages, which should call for further decline. To conclude, as long as 0.7085 is not surpassed, look for a new pullback to 0.7030 and then to 0.7005.
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 0.7005. A break below this target will move the pair further downwards to 0.6970. The pivot point stands at 0.7085. 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 0.7120 and the second one at 0.7150.
Resistance levels: 0.7120, 0.7150, 0.72
Support levels: 0.7005, 0.6970, 0.6940