Overview:
NZD/USD is expected to trade in higher range after hitting seven-day high at 0.8553 on Friday. It is undermined by the positive dollar sentiment, increased concerns over China economy and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the Kiwi demand on the NZD/JPY cross amid positive risk appetite and NZD/USD interest differential. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold.
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 0.8555 and the second target at 0.8575. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8445. A breach of this target will push the pair further downwards and one may expect the second target at 0.84. The pivot point is at 0.8475.
Resistance levels:
0.8555
0.8575
0.8615
Support levels:
0.8445
0.84
0.8365
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