Overview:
The NZD/USD is to trade in higher range. Underpinned by weaker USD sentiment; improved commodity prices; Kiwi demand on soft AUD/NZD cross. But the NZD/USD gains tempered by worries over economic slowdown in China; caution ahead of Friday's U.S. June non-farm payrolls and unemployment report. Daily chart mixed as stochastics bearish at oversold; but MACD in bullish mode, five-day moving average meandering sideways.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.783 and the second target at 0.786 . You should keep in view short position below the pivot keep of the first target at 0.771 , breach of this target will move the pair downward further and expect the second target at 0.768 . The pivot point stands at 0.7735.
Resistance levels:
R1 - 0.783
R2 - 0.786
R3 - 0.79
Support levels:
S1 - 0.771
S2 - 0.768
S3 - 0.764
