NZD/USD is under pressure now. The pair has been capped by a negative trend line and stays below its key resistance at 0.6525. The 20-period moving average has just crossed below the 50-period one, while the relative strength index stays below 50. The first target to the downside is therefore set at 0.6465. A breakout below this level would open the way to further weakness toward 0.6415.

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 0.6560. A break of that target will move the pair further downwards to 0.6580. The pivot point stands at 0.6525. 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 0.6455 and the second target at 0.6415.

Resistance levels: 0.6560, 0.6580, 0.6635

Support levels: 0.6455, 0.6415, 0.6375