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NZD/USD is expected to trade in a lower range below 0.6550. The pair is clearly in a negative trend on the intraday basis, as the process of hitting lower highs and lows remains intact. The key moving averages are heading downward without any signals of reversal. Besides, the intraday RSI remains below the neutrality level of 50. Also, a horizontal resistance at 0.6550 holds its selling pressure. As long as 0.6550 acts as resistance, further decline seems more likely to test 0.6490 (the previous swing low). In case of a breakout, look for 0.6470.
Technical comment: The daily chart is negative-biased as the MACD indicator is bearish, slow stochastic measure stays suppressed at oversold levels, five-day moving average is below 15-day moving average and is declining.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.6495. A break of this target will move the pair further downwards to 0.6455. The pivot point stands at 0.6575. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.6615 and the second target at 0.6655.
Resistance levels: 0.6615 0.6655 0.6695
Support levels: 0.6495 0.6455 0.64
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