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NZD/USD is expected to trade with bullish bias as the movement is supported by a rising trend line. The pair has been supported by a rising trend line since June 29 and is likely to challenge the horizontal resistance at 0.7200 in sight. Meanwhile, both the 20-period and 50-period moving averages are heading upwards. In addition, the relative strength index is mixed to bullish. To sum up, further upside is therefore expected with the next horizontal resistance at 0.7200 at first. A break above 0.7200 would trigger a new rise towards 0.7255.
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 0.7095 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 0.7055. The pivot point is at 0.7125.
Resistance levels: 0.720, 0.7255, 0.73
Support levels: 0.7095, 0.7055, 0.7015
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