Overview:
NZD/USD is trading on higher range. It is supported by Kiwi demand in the NZD/JPY cross amid positive investor risk appetite, firmer commodity prices. But NZD/USD upside is limited by positive dollar sentiment, Kiwi sales in the buoyant AUD/NZD cross, positions adjustment before U.S. long weekend. Daily chart is mixed as MACD is bearish, but stochastics is neutral, the five-day moving average is meandering sideways.
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 0.82 and the second target at 0.815. In alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.835, the breach of this target will move the pair further downwards and one may expect the second target at 0.8385. The pivot point stands at 0.8310.
Support levels: 0.82
0.815
0.81
Resistance levels: 0.835
0.8385
0.8415
