NZD/USD is expected to trade in a lower range. Currently trading at 0.6445, the pair remains capped by its declining 20- and 50-period MAs, which should limit any upward attempts. The intraday RSI is below its neutrality level at 50. Besides, a key resistance at 0.6575 maintains strong selling pressure on the prices. In these perspectives, as long as 0.6575 holds on the upside, a new pullback is expected to test 0.6485, and in case of a breakout, look for a further decline to 0.6450.
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 0.6485. A break of that target will move the pair further downwards to 0.6450. The pivot point stands at 0.6575. 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 0.6630 and the second target at 0.6650.
Resistance levels: 0.66300.6650 0.6685
Support levels: 0.6485.6450 0.6425
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