Overview:
NZD/USD is trading with bullish bias. The rate is undermined by positive U.S. dollar sentiment; contagion from weak Aussie. But NZD/USD losses tempered by NZD-USD yield gap; firmer commodity prices; Kiwi demand on soft AUD/NZD cross. Daily chart negative-biased as bearish outside-day-range pattern completed Tuesday, MACD is bearish, stochastics is staying suppressed at oversold, five- and 15-day moving averages are falling.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in the higher range as far as it remains above its pivot point. While the price is above its pivot point, trading in higher range is most favourable and buy position is recommended above its pivot with the first target at 0.817 and the second target at 0.819. You should keep in view short position below the pivot keep of the first target at 0.8045, the breach of this target will move the pair downward further and expect the second target at 0.8005. The pivot point stands at 0.81.
Resistance levels:
R1 - 0.817
R2 - 0.819
R3 - 0.8225
Support levels:
S1 - 0.8045
S2 - 0.8005
S3 - 0.7975
