Overview:
NZD/USD is trading with bullish bias. The rate is supported by higher hopes for Chinese economic recovery; Kiwi demand on NZD/JPY cross amid diminished risk aversion. But NZD/USD gains are tempered by lingering worries over regional emerging markets. Daily chart is still negative-biased as MACD and stochastics are bearish, although latter is at oversold; five-day moving average is below 15-day MA and declining.
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, trading in higher range is most favorable and buy position is recommended above its pivot, with the first target at 0.784 and the second target at 0.7875. You should keep in view short position below the pivot keep of the first target at 0.7715, breach of this target will move the pair downward further and one may expect the second target at 0.768. The pivot point stands at 0.775.
Resistance Levels:
R1 - 0.784
R2 - 0.7875
R3 - 0.79
Support Levels:
S1 - 0.7715
S2 - 0.768
S3 - 0.765