NZD/USD is expected to trade in a higher range as a bias remains bullish. The pair stands firmly above its nearest support at 0.6825, and seems likely to post some consolidations before a new rise. Nevertheless, the trend is still on the upside, as the process of higher highs and lows remains intact. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited. As long as 0.6835 is not broken, look for further advance to 0.6885 and 0.6920 in extension.
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. As long as the price holds above its pivot point, it is recommended to open long positions with the first target at 0.6885 and the second target at 0.6920. In the alternative scenario, it is recommended to open short positions with the first target at 0.6805, 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 0.6780. The pivot point is at 0.6825.
Resistance levels: 0.6885, 0.6920, 0.6950
Support levels: 0.6805, 0.6780, 0.6755
The material has been provided by InstaForex Company – www.instaforex.com