Overview:
NZD/USD is expected to trade in higher range. It is supported by the kiwi demand on NZD/JPY cross amid reduced risk aversion, buoyant commodity prices, hawkish Reserve Bank of New Zealand's monetary policy stance and weaker dollar sentiment. But NZD/USD gains are tempered by the concerns over economic slowdown in China. Daily chart is mixed as bullish outside-day-range pattern was completed on Monday, MACD is bullish; but stochastics is in bearish mode.
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 0.8390. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8240. A breach of this target will push the pair further downwards and one may expect the second target at 0.8205. The pivot point is at 0.8270.
Resistance levels:
0.8355
0.8390
0.8430
Support levels:
0.8240
0.8205
0.818
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