Fundamental overview:
The NZD/USD pair is to trade in a lower range. It is undermined by the positive dollar sentiment (ICE spot dollar index last 94.70 versus 93.59 early Friday) after 257,000 increase in the US January non-farm payrolls (versus forecast +237,000) and 0.5% on-month increase in average hourly wages (versus forecast +0.3%), and also by diminished investor risk appetite. But the NZD/USD losses are tempered by the firmer commodity prices.
Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is rising from oversold levels; intraday-range pattern was completed on Thursday.
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 0.7500 and the second target at 0.7530. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7325. A break of this target would push the pair further downwards, and one may expect the second target at 0.7280. The pivot point is at 0.7365.
Resistance levels:
0.75
0.7530
0.7550
Support levels:
0.7325
0.7280
0.7220
The material has been provided by InstaForex Company - www.instaforex.com
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