Overview:
NZD/USD is expected to trade with risks skewed higher. The financial markets in New Zealand are shut on Monday for a public holiday. NZD/USD is supported by the weaker dollar sentiment, Kiwi demand on NZD/JPY cross amid positive risk appetite and NZD/USD interest differential. But NZD/USD gains are tempered by the soft commodity prices and Kiwi sales on buoyant AUD/NZD cross. Daily chart is mixed as MACD is bearish, five and 15-day moving averages are declining, but stochastics is turned bullish at oversold zone.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8430. A breach of this target will move the pair further downwards to 0.84. The pivot point stands at 0.8515. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8570 and the second target at 0.8595.
Resistance levels:
0.8570
0.8595
0.8620
Support levels:
0.8430
0.84
0.8365
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