Overview:
NZD/USD is in range-trade. The pair is supported by the Kiwi demand on soft AUD/NZD, EUR/NZD, GBP/NZD crosses and on buoyant NZD/CHF cross. But NZD/USD is upside limited by positive dollar sentiment. Daily chart is positive-biased as stochastics is in bullish mode, MACD turned bullish.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.832 and the second target at 0.8345 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8195. The breach of this target will move the pair further downwards and one may expect the second target at 0.817. The pivot point stands at 0.824.
Resistance levels:
0.832
0.8345
0.836
Support levels:
0.8195
0.817
0.8135
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