Overview:
NZD/USD is trading with bullish bias. It is undermined by positive dollar sentiment; reduced investor risk appetite; soft commodity prices; concerns about liquidity conditions in China. But NZD/USD downside is limited by the Kiwi demand in the soft AUD/NZD cross; positions adjustment before weekend. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold; the 5-day moving average is below the 15-day MA and falling.
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, a long position is recommended with the first target at 0.833 and the second target at 0.836. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 0.821, the breach of this target will move the pair further downwards and one may expect the second target at 0.819. The pivot point stands at 0.825.
Resistance levels:
0.833
0.836
0.839
Support levels:
0.821
0.819
0.8165