NZD/USD is expected to trade with bullish bias above 0.6605. The pair reversed up after having reached its major support at 0.6565. Currently trading around 0.6675, the pair stands firmly above both the 20-period and 50-period moving averages, and seems likely to post a new rise. The intraday relative strength index is heading upward above its neutrality area at 50. In this case, as long as 0.6605 holds on the downside, look for further advance to 0.67 and 0.6730 in extension.
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. Therefore, long positions are recommended with the first target at 0.67 and the second one at 0.6730. In the alternative scenario, short positions are recommended with the first target at 0.6565 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 0.6565. The pivot point is at 0.6605.
Resistance levels: 0.67, 0.6730, 0.6775
Support levels: 0.6565, 0.6540, 0.6505.
Origin: InstaForex
