Overview:
NZD/USD is to consolidate with risks skewed lower as markets await the U.S. non-farm payrolls report. NZD/USD is supported by positive risk appetite, firmer commodity prices, NZD-USD yield gap, the kiwi demand on buoyant NZD/JPY as negative JPY sentiment supports the cross. But NZD/USD gains tempered by thekiwi sales on rising AUD/NZD cross, positions adjustment before weekend. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.
Recommendation:
Sell below 0.831 with first target at 0.821 and second target at 0.819.
Support Levels:
S1 - 0.821
S2 - 0.8190 (Monday's two-month low)
S3 - 0.8173 (200-day moving average)
Alternative scenario:
Buy above 0.831 with upside targets at 0.835 and 0.839.
Resistance Levels:
R1 - 0.8349-0.8353 (Wednesday's high-Feb. 26 high)
R2 - 0.839
R3 - 0.8417 (Feb. 25 high)
