Overview:
NZD/USD is expected to consolidate in a higher range as markets await U.S. non-farm payrolls report. NZD/USD is supported by the Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD upside is limited by the concerns over China's economy, weaker commodity prices and positions adjustment before the weekend. Daily chart is mixed as MACD is bearish, but stochastics is rising from 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 0.8600.
Resistance levels:
0.8665
0.8690
0.8725
Support levels:
0.8570
0.854
0.85
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