Overview:
NZD/USD is in range-trade. The rate is supported by firmer commodity prices; Kiwi demand on NZD/JPY cross amid improved investor risk appetite. But NZD/USD upside is limited by positive dollar sentiment; Kiwi sales on buoyant AUD/NZD cross. Daily chart is still negative-biased as MACD and stochastics are bearish, although latter is at oversold; five- and 15-day moving averages are declining.
Trading recommendations:
The pair is trading above its pivot point. It 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 0.7855 and the second target at 0.79. You should keep in view short position below the pivot keep of the first target at 0.775, breach of this target will move the pair downward further and expect the second target at 0.771. The pivot point stands at 0.778.
Resistance levels:
R1 - 0.7855
R2 - 0.79
R3 - 0.7945
Support levels:
S1 - 0.775
S2 - 0.771
S3 - 0.7675