Overview:
NZD/USD is in range-trade. NZ markets are shut today for Good Friday holiday. NZD/USD is supported by improved risk sentiment; Kiwi demand on soft AUD/NZD cross; NZD-USD yield gap. But NZD/USD upside is limited by weaker commodity prices; Kiwi sales on rebounding EUR/AUD and GBP/AUD crosses; positions adjustment before weekend. Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are rising; but stochastics has turned bearish at overbought; inside-day-range pattern was completed on Thursday.
Recommendation:
Buy above 0.833 with upside targets at 0.839 and 0.8415.
Resistance levels:
0.8386-0.8396 band (Thursday's high-Wednesday's high)
0.8417 (Feb. 25 high)
0.8489 (Feb. 19 high).
Alternative scenario:
Sell below 0.833 with downside targets at 0.83 and 0.827.
Support levels:
R1 - 0.8305 (March 22 low, near 100-day moving average)
R2 - 0.8265
R3 - 0.8212-0.8207 (March 21 low-March 20 low, near 200-day moving average)
