Fundamental overview:
NZD/USD is expected to trade in a higher range. It is undermined by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday) and soft commodity prices. But NZD/USD losses are tempered by the positive investor risk appetite, NZD-USD interest differential and Kiwi demand on soft AUD/NZD cross. Daily chart is mixed as MACD is bearish but stochastics is bullish in the oversold zone.
Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is turning bullish to the oversold zone, bullish outside-day-range pattern was completed on Friday.
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 0.7815 and the second target at 0.7840. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7705. A break of this target would push the pair further downwards and one may expect the second target at 0.7655. The pivot point is at 0.7735.
Resistance levels:
0.7815
0.7840
0.7880
Support levels:
0.7705
0.7645
0.76
The material has been provided by InstaForex Company - www.instaforex.com
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