Overview:
NZD/USD is in a range-trade. The rate is supported by negative USD sentiment; Kiwi demand on retreating AUD/NZD cross and firmer commodity prices; NZD-USD yield gap. But Kiwi sentiment dented by drop in New Zealand Westpac McDermott Miller consumer confidence index to 110.8 in 1Q from 111.1 in the previous quarter. NZD/USD gains also tempered by negative risk appetite. Daily chart is mixed as MACD is bearish, but stochastics has turned bullish at oversold.
Recommendation:
Sell below the pivot point 0.826 with keep in view of downside targets at 0.8185 and 0.8155.
Support levels:
S1 - 0.8190 (Friday's low)
S2 - 0.8159-0.8153 band (Wednesday's low-Dec. 26 reaction low)
S3 - 0.8108 (Nov. 21 low).
Alternative scenario:
Buy above 0.826 with first target at 0.828 and second target at 0.83.
Resistance levels:
R1 - 0.8280-0.8284 (Friday's high-March 11 high)
R2 - 0.8297 (March 8 high)
R3 - 0.8349-0.8353 (March 6 high-Feb. 26 high)