Overview:
NZD/USD is expected to trade with risks skewed higher. It is supported by the weaker USD sentiment and Kiwi demand on NZD/JPY cross amid reduced risk aversion and NZD-USD interest differential. But NZD/USD gains are tempered by the weak dairy prices and Kiwi sales on buoyant AUD/NZD cross. The daily chart is still negative-biased as MACD is bearish, stochastics stays suppressed in the oversold zone, five and 15-day moving averages are declining.
Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.8485 and the second target at 0.8505. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8375. A break of this target would push the pair further downwards and one may expect the second target at 0.8350. The pivot point is at 0.8420.
Resistance levels:
0.8485
0.8505
0.8530
Support levels:
0.8375
0.8350
0.8315
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