Overview:
NZD/USD is consolidating with bullish bias. it is undermined by weak risk appetite, soft commodity prices, Kiwi sales in the buoyant AUD/NZD cross. But NZD/USD losses are tempered by negative dollar sentiment, positions adjustment before weekend. Daily chart is mixed as MACD and stochastics are bearish, but five-day moving average is meandering sideways.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended, with the first target at 0.8345 and the second target at 0.8385. In alternative scenario, if the price moves below its pivot points short positions are recommended, with the first target at 0.82. The breach of this target will move the pair further downwards and one may expect the second target at 0.815. The pivot point stands at 0.825.
Resistance levels:
0.834
0.8385
0.8435
Support levels:
0.82
0.815
0.8075
