NZD/USD is choppy. The pair remains in consolidation in the range 0.6840 to 0.670. The intraday volatility decreased sharply, as the Bollinger Bands are tightening, which also indicates that a breakout may occur in the near future. Furthermore, the intraday RSI is mixed to bearish below its neutrality area at 50. Hence, as long as 0.6840 is not surpassed, look for a choppy price action with a bearish bias. A break below 0.670 would trigger a bearish acceleration towards 0.6650.

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 0.67. A breakout of that target will move the pair further downwards to 0.6650. The pivot point stands at 0.6850. 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 0.69 and the second target at 0.6925.

Resistance levels: 0.69 0.6925 0.6965 Support levels: 0.67 0.6650 0.6600