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NZD/USD is expected to trade with a bullish bias. The pair is turning up and is expected to post further rebound. Meanwhile, a bullish cross has been identified between the 20-period and 50-period moving averages. Besides, the relative strength index is bullish above its neutrality area at 50, calling for further upside. To sum up, as long as 0.7095 is not broken, we are positive and expect a bounce to 0.7200 and 0.7255 in extension.
Recommendation:
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 0.720 and the second one, at 0.7255. In the alternative scenario, short positions are recommended with the first target at 0.7055 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 0.7015. The pivot point is at 0.7095.
Resistance levels: 0.720, 0.7255, 0.73
Support levels: 0.7055, 0.7015, 0.6980
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