Overview:
NZD/USD is trading in a higher range. The kiwi sentiment is boosted after New Zealand's seasonally adjusted unemployment rate fell to 6.2% in the third quarter from 6.4% in the second quarter, while the seasonally adjusted employment beat forecast for a 0.6% rise. NZD/USD is also supported by the buoyant Kiwi demand in cross trades versus major currencies. But the NZD/USD upside is limited by positive dollar sentiment; diminished investor risk appetite; weak commodity prices. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold.
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 0.844 and the second target at 0.847. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 0.829, the breach of this target will move the pair further downwards and one may expect the second target at 0.8255. The pivot point stands at 0.8335.
Resistance levels:
0.844
0.847
0.85
Support levels:
0.829
0.8255
0.821
