Overview:
NZD/USD is expected to trade in a higher range. It is undermined by the kiwi sales on rising AUD/NZD cross and diminished investor risk appetite. But NZD/USD losses are tempered by the weaker dollar sentiment abd buoyant commodity prices, and hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is mixed as MACD is bullish, but stochastics is turned to bearish at overbought zone.
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 0.8355 and the second target at 0.839. 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 0.828.
Resistance levels:
0.8355
0.839
0.8435 Support levels:
0.825
0.823
0.82
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