Overview:
NZD/USD is expected to trade in a higher range.It is supported by the negative dollar sentiment, Kiwi demand on NZD/JPY cross amid reduced risk aversion, Kiwi demand on soft AUD/NZD cross and hawkish Reserve Bank of New Zealand's monetary policy stance and widening NZD-USD interest differential. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Wednesday, MACD is bullish and stochastics stays elevated at overbought zone, five and 15-day moving averages are advancing.
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 0.8780 and the second target at 0.88. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8680. A breach of this target would push the pair further downwards and one may expect the second target at 0.8655. The pivot point is at 0.8720.
Resistance levels:
0.8780
0.88
0.8825
Support levels:
0.8680
0.8655
0.8625
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