NZD/USD is expected to trade with bearish bias as the key resistance at 0.6590. The pair remains on the downside, and seems likely to challenge its nearest support at 0.6500. The key resistance at 0.6590 maintains strong selling pressure. Besides, the intraday RSI is capped by a negative trend line. In this case, as long as 0.6590 holds on the upside, further decline is more likely to occur to 0.6500 and 0.6475 in extension.
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 0.650. A break of that target will move the pair further downwards to 0.6475. The pivot point stands at 0.6590. 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 0.6645 and the second target at 0.6705.
Resistance levels: 0.6645 0.6705 0.6755 Support levels: 0.6500 0.6475 0.6435
The material has been provided by InstaForex Company – www.instaforex.com