Overview:
NZD/USD is consolidating with bullish bias. NZD/USD is supported by Kiwi demand on NZD/JPY as weaker yen sentiment supports the cross; expectations that the Federal Reserve will delay tapering its bond-purchase program till early next year. But NZD/USD upside is limited by Kiwi sales on buoyant AUD/NZD cross. Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are advancing; but stochastics turned bearish at overbought.
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 0.8555 and the second target at 0.8585. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8395. The breach of this target will move the pair further downwards and one may expect the second target at 0.834. The pivot point stands at 0.844.
Support levels:
0.8395
0.834
0.83
Resistance levels:
0.8555
0.8585
0.8625
