Overview:
NZD/USD is expected to trade with risks skewed lower. It is undermined by the positive U.S. dollar sentiment, kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and kiwi sales on rebounding AUD/NZD cross. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are advancing, but stochastics is turning bearish near 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 0.8425 and the second target at 0.846. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8310. A breach of this target will push the pair further downwards and one may expect the second target at 0.8285. The pivot point is at 0.8340.
Resistance levels:
0.8425
0.846
0.849
Support levels:
0.8310
0.8285
0.8245
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