Fundamental overview:
NZD/USD is expected to trade in a higher range. It is underpinned by weaker dollar sentiment (ICE spot dollar index last 98.78 versus 99.50 early Tuesday) after a weaker-than-expected 0.9% on-month increase in US retail sales in March (versus forecast +1.1%) and a surprising drop in the US NFIB index of small business optimism to 95.2 in March from 98.0 in February (versus forecast 98.1), Kiwi demand on buoyant NZD/JPY cross amid reduced risk aversion, and Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential.
Technical comment:
The daily chart is mixed as the MACD and stochastic are bearish, but five-day moving average is meandering sideways.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.7560 and the second target at 0.7605. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7440. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7420. The pivot point is at 0.74700.
Resistance levels:
0.7560
0.7605
0.7645
Support levels:
0.7440
0.7420
0.7390
The material has been provided by InstaForex Company - www.instaforex.com
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