NZD/USD is expected to trade with bearish bias as the pair is capped by a negative trend line. From a technical view, the pair remains under pressure, and is now heading downward, capped by a negative trend line. The process of lower highs and lows remains intact, and the relative strength index is bearish below its neutrality area at 50. To sum up, as long as 0.6965 holds on the upside, look for a return to 0.6890 and 0.6850 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 0.6890. A break below this target will move the pair further downwards to 0.6850. The pivot point stands at 0.6965. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 0.7000 and the second one at 0.7045.
Resistance levels: 0.7000, 0.7045, 0.7080
Support levels: 0.6890, 0.6850, 0.6800
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2h5bG4x
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