Overview:
NZD/USD is trading in higher range. The rate is undermined by soft commodity prices. But NZD/USD losses tempered by weaker USD sentiment; NZD-USD yield gap. Daily chart is mixed as MACD is bearish but stochastics is rising from oversold; inside-day-range pattern was completed on Friday.
Trading recommendations:
The pair is trading above its pivot point. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.8562 and the second target at 0.8581. You should keep in view short position below the pivot keep of the first target at 0.8466, breach of this target will move the pair downward further and expect the second target at 0.8425. Pivot point stands at 0.85.
Support levels:
S1 - 0.8466-0.8458 band (Friday's low-Thursday's low)
S2 - 0.8425
S3 - 0.8386 (Wednesday's low)
Resistance levels:
R1 - 0.8562 (Thursday's high)
R2 - 0.8581 (April 15 high)
R3 - 0.8642 (April 12 high)