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NZD/USD is expected to trade in a higher range as the bias remains bullish. Despite the pair retreating from 0.7050 (the high of May 23), the pair is still above the key support at 0.6980, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
Therefore, as long as 0.6980 holds on the downside, expect a rebound with a first target at 0.7050. A break above this level would bring a new rise to 0.7080.
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 0.7050 and the second one at 0.7080. In the alternative scenario, the short position is recommended with the first target at 0.6960 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6930. The pivot point is at 0.6980.
Resistance levels: 0.7050, 0.7080, and 0.7135
Support levels: 0.6960, 0.6930, and 0.6900
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