Overview:
NZD/USD is expected to trade in lower range. It is undermined by the Kiwi sales on rebounding AUD/NZD cross and positive dollar sentiment. But NZD/USD downside is limited by the hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is mixed as MACD is bullish, but stochastics is neutral, the bearish outside-day-range pattern was completed on Wednesday.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8255 in mind. A breach of this target will move the pair further downwards to 0.8225. The pivot point stands at 0.8355. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.839 and the second target at 0.8425.
Resistance levels:
0.839
0.8425
0.8455
Support levels:
0.8366
0.8225
0.8195
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