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The NZD/USD pair is under pressure and is expected to trade in a lower range. Intraday indicators are mixed. The 20- and 50-period moving averages are flat, while the relative strength index is below its neutrality level of 50 lacking momentum and playing a resistance role. Besides, the relative strength index has broken below its 30% level. As long as 0.6570 holds as the key resistance, look for moving further downside towards 0.6460 and even 0.6430.
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 0.6460. A break of that target will move the pair further downwards to 0.6430. The pivot point stands at 0.6570. 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 0.6605 and the second target at 0.6625.
Resistance levels: 0.6605 0.6625 0.6665 Support levels: 0.6460 0.6430 0.64
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