Overview:
NZD/USD is trading in higher range and expected to continue the same pattern undermined by Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion, positive dollar sentiment, Kiwi sales on buoyant AUD/NZD cross. But NZD/USD downside is limited by positions adjustment before weekend. Daily chart is mixed as MACD is in bearish mode, but stochastics is rising from oversold.
Trading recommendation:
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 0.8285 and the second target at 0.832 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.814.The breach of this target will move the pair further downwards and one may expect the second target at 0.8115. The pivot point stands at 0.817.
Resistance levels:
0.8285
0.832
0.836
Support levels:
0.814
0.8115
0.808
