NZD/USD is expected to trade with bearish bias as the key resistance lies at 0.7200. The pair posted some technical rebounds, but is still trading below its key resistance at 0.7200, which maintains the strong selling pressure. Meanwhile, the relative strength index is above its neutrality area at 50, but lacks upward momentum. In conclusion, as long as 0.7200 is not broken up, the pair is likely to drop to 0.7100 at first. If breakout occurs, look for further decline to 0.7060 as possible.
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 0.7100. A break below this target will move the pair further downwards to 0.7060. The pivot point stands at 0.7200. 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 0.7250 and the second one at 0.7300.
Resistance levels: 0.7250, 0.7300, 0.7330
Support levels: 0.7100, 0.7060, 0.7005
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2cWin8p
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