Overview:
NZD/USD is trading in lower range. The rate is supported by soft dollar sentiment; Kiwi demand on NZD/JPY cross amid weak yen sentiment. But NZD/USD gains are tempered by weak commodity prices; Kiwi sales on buoyant AUD/NZD cross. Daily chart is positive-biased as stochastics is bullish; MACD staged bullish crossover against its exponential moving average; five-day moving average is above 15-day MA and advancing.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8255 in view; a breach of this target will move the pair further downwards to 0.8225 The pivot point stands at 0.83. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.841 and the second target at 0.8445.
Support levels:
0.8255
0.8225
0.82
Resistance levels:
0.841
0.8445
0.849
