Fundamental overview:
NZD/USD is expected to consolidate in a higher range after hitting a five-week high of 0.7613 on Thursday. It is undermined by the positive dollar sentiment and subdued investor risk appetite, soft commodity prices and 3.8% drop in New Zealand January building consents issued. But the NZD/USD losses are tempered by the kiwi demand on soft AUD/NZD cross and positions adjustment ahead of the weekend.
Technical comment:
The daily chart is mixed as the MACD bullish, five- and 15-day moving averages are advancing, but stochastics is turning bearish at overbought levels. Bearish shooting-star candlestick pattern was completed on Thursday.
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 is keeping above its pivot point, a long position is recommended with the first target at 0.7615 and the second target at 0.7655. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7470. A break of this target would push the pair further downwards, and one may expect the second target at 0.7430. The pivot point is at 0.7515.
Resistance levels:
0.7615
0.7655
0.7690
Support levels:
0.7470
0.7430
0.74
The material has been provided by InstaForex Company - www.instaforex.com
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