Overview:
NZD/USD is to consolidate with bullish bias after hitting two-and-a-half-month low 0.8111 Thursday undermined by Kiwi sales on rebounding AUD/NZD cross. But NZD/USD losses tempered by NZD/USD interest differential, Kiwi demand on NZD/JPY cross amid weak yen sentiment, positions adjustment before weekend. Daily chart is negative-biased as MACD & stochastics is bearish, although latter is at oversold, five- & 15-day moving averages is declining.
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 0.8175 and the second target at 0.821. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.806 the breach of this target will move the pair further downwards and one may expect the second target at 0.803. The pivot point stands at 0.809.
Resistance levels: h
0.8175
0.821
0.8255
Support levels:
0.806
0.803
0.8
