NZD/USD is expected to trade with bullish bias above 0.6765. The pair stands firmly above its key support at 0.6840, and seems likely to post a pause on an intraday basis. Nevertheless, even though a continuation of the consolidation cannot be ruled out, its extent should be limited before a new rise. As the intraday RSI lacks downward momentum, and a strong support base around 0.6765 should limit any downward attempts.
Trading recommendations:
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 0.6840 and the second target at 0.690. In the alternative scenario, short positions are recommended with the first target at 0.6725 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 0.6690. The pivot point is at 0.6765.
Resistance levels: 0.6840 0.69 0.6945 Support levels: 0.6725 0.6690 0.6660
The material has been provided by InstaForex Company - www.instaforex.com