Overview:
NZD/USD is expected to trade in higher range. It is supported by the kiwi demand on NZD/JPY cross pair amid positive investor risk appetite, the hawkish Reserve Bank of New Zealand's monetary policy stance and buoyant commodity prices. But the NZD/USD gains are tempered by the positive dollar sentiment and kiwi sales on the rising AUD/NZD cross. Daily chart is positive-biased as MACD and stochastics are bullish, a five-day moving average is above 15-day MA and moving higher.
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 0.8385 and the second target at 0.84. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.825. A breach of this target will push the pair further downwards and one may expect the second target at 0.823. The pivot point is at 0.8285.
Resistance levels:
0.8385
0.84
0.8435
Support levels:
0.825
0.823
0.821
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