Overview:
NZD/USD is expected to trade in higher range. It is supported by the weaker dollar sentiment, hopes of further stimulus in China and hawkish Reserve Bank of New Zealand's monetary policy stance. But NZD/USD gains are tempered by the kiwi sales on NZD/JPY cross amid increased investor risk aversion. Daily chart is still negative-biased as MACD and 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 0.8635 and the second target at 0.8675. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8530. A breach of this target will push the pair further downwards and one may expect the second target at 0.8510. The pivot point is at 0.8570.
Resistance levels:
0.8635
0.8675
0.87
Support levels:
0.8530
0.8510
0.8480
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