Overview:
NZD/USD is expected to consolidate with bullish bias. NZD/USD is undermined by the fears of economic slowdown in China and kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion. But the NZD/USD losses are tempered by the expectations that the RBNZ would increase the official cash rate to 2.75% from 2.5% and kiwi demand on the soft AUD/NZD cross. Daily chart is mixed as MACD is bullish, five- and 15-day moving averages are advancing, but stochastics is 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 0.852 and the second target at 0.8545. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.84. A breach of this target will push the pair further downwards and one may expect the second target at 0.8370. The pivot point is at 0.843.
Resistance levels:
0.8485
0.852
0.8545
Support levels:
0.84
0.8370
0.8330
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