Overview:
NZD/USD is expected to trade in higher range. It is supported by the positive risk appetite, negative dollar sentiment, kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD gains are tempered by the concerns over China's economy and weaker commodity prices. Daily is chart mixed as MACD is bearish, but stochastics is bullish at oversold 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 0.8665 and the second target at 0.8690. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8570. A breach of this target will push the pair further downwards and one may expect the second target at 0.854. The pivot point is at 0.8590.
Resistance levels:
0.8665
0.8690
0.8725
Support levels:
0.8570
0.854
0.85
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