NZD/USD Intraday: Key resistance is at 0.6350. The pair remains under pressure below its key resistance at 0.6350, and it seems more likely to challenge its nearest support at 0.6275. The intraday RSI is badly directed, calling for further decline. Besides, the 20- and 50-period intraday MAs are mixed to bearish. In this case, as long as 0.6350 is not surpassed, the risk of a break below 0.6275 remains high. Our next down target is set at 0.6240.
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 0.6275. A break of that target will move the pair further downwards to 0.6240. The pivot point stands at 0.6350. 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 0.6385 and the second target at 0.6425.
Resistance levels: 0.6385 0.6425 0.6475
Support levels: 0.6275 0.6240 0.6205
The material has been provided by InstaForex Company - www.instaforex.com