NZD/USD is expected to consolidate with bullish bias. It is supported by the kiwi demand on retreating AUD/NZD cross. But NZD/USD gains are tempered by the increased investor risk aversion, divergent monetary stances of the Reserve Bank of New Zealand and the US Federal Reserve, and soft dairy prices.
Technical comment:
The daily chart is mixed as the MACD is bearish, five and 15-day moving averages are declining but stochastics is turned bullish at oversold levels.
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 0.6930 and the second target at 0.6950. In the alternative scenario, short positions are recommended with the first target at 0.6850 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6815. The pivot point is at 0.6875.
Resistance levels: 0.6930 0.6950 0.6970
Support levels: 0.6850 0.6815 0.6770
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