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NZD/USD is expected to trade in a lower range as the pair is under pressure now. The pair is still trading on the downside below the key resistance at 0.6305. It is likely to post a further decline. The 20- and 50-period MAs are heading downwards, without generating any reversal signals. The intraday RSI is below its neutrality level of 50 lacking upward momentum. As long as 0.6305 holds the upside, look for further decline to 0.6240 and 0.6240.
Trading recommendations:
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 0.6240. A break of that target will move the pair further downwards to 0.6210. The pivot point stands at 0.6305. 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 0.6330 and the second target at 0.6360.
Resistance levels: 0.6330 0.6360 0.6415
Support levels:0.6240 0.6210 0.6175
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