Overview:
NZD/USD is trading in a range. It is supported by soft dollar sentiment; Kiwi demand on buoyant NZD/JPY cross amid positive investor risk appetite and weak yen sentiment; Kiwi demand in the soft AUD/NZD cross. But NZD/USD upside is limited by positions adjustment before weekend. Daily chart is mixed as MACD is bearish; but stochastics is in the bullish mode.
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 0.8355 and the second target at 0.8395. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8235 the breach of this target will move the pair further downwards and one may expect the second target at 0.819. The pivot point stands at 0.8275.
Resistance levels:
0.8355
0.8395
0.8435
Support levels:
0.8235
0.819
0.815
