Fundamental overview:
NZD/USD is expected to consolidate with bullish bias. It is trading with lower liquidity as the US financial floors are closed for the Easter holiday and market is waiting for Non Farm payroll data due to come out later today. It is undermined by positive dollar sentiment, weak commodity prices (CRB spot index closed down 0.42% at 214.25 Monday), and 6.3% drop in New Zealand building consents issued in February. But NZD/USD losses are tempered by the kiwi demand on soft AUD/NZD cross, positive investor risk appetite, and positions adjustments before weekend.
Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is falling from overbought levels.
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 keeps above its pivot point, long positions are recommended with the first target at 0.7545 and the second target at 0.7590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7425. A break of this target would push the pair further downwards, and one may expect the second target at 0.7390. The pivot point is at 0.7475.
Resistance levels:
0.7545
0.7590
0.7645
Support levels:
0.7425
0.7390
0.7370
The material has been provided by InstaForex Company - www.instaforex.com
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