Overview:
NZD/USD is to consolidate as markets await U.S. non-farm payrolls report. The NZD/USD underpinned by Kiwi demand on buoyant the NZD/JPY cross amid positive risk sentiment; Kiwi short-covering as market participants trim exposure ahead of U.S. employment report. But NZD/USD upside limited by worries over economic slowdown in China; positions adjustment before weekend. Daily chart mixed as MACD bullish, stochastics turned bullish at oversold; but five-day moving average meandering sideways below falling 15-day moving average.
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 0.786 and the second target at 0.79. You should keep in view short position below the pivot keep of the first target at 0.7735, breach of this target will move the pair downward further and expect the second target at 0.771. The pivot point stands at 0.7785.
Resistance levels :
R1 - 0.786
R2 - 0.79
R3 - 0.7935
Support levels:
S1 - 0.7735
S2 - 0.771
S3 - 0.7675