Overview: NZD/USD is trading in a range. It is undermined by diminished risk appetite, Kiwi sales in the buoyant AUD/NZD cross. But NZD/USD downside is limited by negative dollar sentiment. Daily chart is mixed as MACD and stochastics are bearish, but 5-day moving average is meandering sideways. 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 0.82 in view; a breach of this target will move the pair further downwards to 0.815. The pivot point stands at 0.835. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, then 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 0.8385 and the second target at 0.843. Support levels: 0.82 0.815 0.81 Resistance levels: 0.8385 0.843 0.85
