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NZD/USD is expected to trade with bullish bias. The pair is trading below the 20-period and 50-period moving averages and the relative strength index is below its neutrality area at 50. Nevertheless, a support base at 0.7260 has formed and should limit the downside potential. The intraday technical signals are mixed. Yesterday the New Zealand dollar surged to 0.7344 against the greenback after Reserve Bank of New Zealand Governor Graeme Wheeler pointed out that rapid easings were not necessary. NZD/USD closed 0.3% higher at 0.7290. Therefore, as long as 0.7260 is not broken, we are cautiously positive with targets at 0.7310 and 0.7340.
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 0.7310 and the second one, at 0.7340. In the alternative scenario, short positions are recommended with the first target at 0.7235 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 0.7205. The pivot point is at 0.7260.
Resistance levels: 0.7310, 0.7340, 0.7380
Support levels: 0.7235, 0.7205, 0.7170
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