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Downside movements are expected to prevail in NZD/USD. The pair clearly reversed down, and is now capped by its falling 20-period and 50-period moving averages on an intraday basis. The relative strength index is mixed to bearish below its neutrality area at 50. Furthermore, the key resistance at 0.69 should maintain the strong selling pressure on the price. In this case, as long as 0.69 holds on the upside, look for a new decline to 0.6820 and 0.6790 in extension.
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 0.6820. A break of this target will move the pair further downwards to 0.6790. The pivot point stands at 0.69. 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 0.6920 and the second target at 0.6950.
Resistance levels: 0.6920, 0.6950, 0.6975
Support levels: 0.6820, 0.6790, 0.6735
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