Fundamental overview:
NZD/USD is expected to trade in a higher range. It is underpinned by weaker dollar sentiment, kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But kiwi sentiment are dented by the 3.6% drop in Fonterra's GDT price Index and 4.3% decline in average price for whole milk powder to $2,446/mt at the latest Global Dairy Trade auction.
Technical comment:
The daily chart is tilting positive as the MACD and stochastics are turning bullish.
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 0.7675 and the second target at 0.7715. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7515. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7485. The pivot point is at 0.7540.
Resistance levels:
0.7675
0.7715
0.7750
Support levels:
0.7515
0.7485
0.7440
The material has been provided by InstaForex Company - www.instaforex.com
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