Overview:
NZD/USD is consolidate with bearish bias after hitting seven-week low of 0.8257 on Friday. The rate is undermined by positive USD sentiment. But NZD/USD losses tempered by NZD-USD yield gap; Kiwi demand on buoyant NZD/JPY as weak yen sentiment supports the cross. Daily chart is negative-biased as MACD and stochastics are bearish; five-day moving average is below 15-day MA and declining.
Trading recommendations:
The pair is trading below its pivot point. The pair is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.823 in view, breach of this target will move further the pair downward and you should expect the second target at 0.8207. Pivot point stands at 0.832. In case the price moves in opposite direction and returns from its support and moves above its pivot point then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 0.836 and the second target at 0.8417.
Support levels:
S1 - 0.823
S2 - 0.8207 (March 20 low)
S3 - 0.8159 (March 13 swing low)
Resistance levels:
R1 - 0.836
R2 - 0.8417 (Friday's high)
R3 - 0.8480 (Thursday's high)
