Fundamental overview:
NZD/USD is expected to trade with a bearish bias. It is undermined by the dovish shift in Reserve Bank of New Zealand's monetary policy stance, improved dollar sentiment, and Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and weak dairy prices. But NZD/USD losses are tempered by the Kiwi demand on retreating AUD/NZD cross and positions adjustment ahead of the weekend. The kiwi is vulnerable to 0100 GMT CFLP China April manufacturing and non-manufacturing PMI data.
Technical comment:
The daily chart is mixed as MACD is bullish but stochastics is bearish near overbought levels.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7545. A break of that target will move the pair further downwards to 0.7490. The pivot point stands at 0.7665. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7700 and the second target at 0.7740.
Resistance Levels:
0.77
0.7740
0.7785
Support levels:
0.7545
0.7490
0.7445
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for May 01, 2015 . Thanks for your support.
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