NZD/USD is expected to trade in a higher range as it is supported by a rising trend line. The pair is well supported by a rising trend line since October 7 and remains on the upside. The intraday RSI is around 50. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6810 at first. A break above this level would call for a further advance towards 0.6860 in extension.

Trading recommendations:

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, long positions are recommended with the first target at 0.6650 and the second target at 0.6680. In the alternative scenario, short positions are recommended with the first target at 0.6515 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 0.6475. The pivot point is at 0.6550.

Resistance levels: 0.6810 0.6860 0.67 Support levels: 0.6660 0.6610 0.6560