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Overview:
NZD/USD is expected to consolidate with bearish bias after hitting the two-week low at 0.8546 on Monday. It is undermined by the positive dollar sentiment, continued impact from softer-than-expected New Zealand first-quarter CPI and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the hawkish RBNZ monetary policy stance and Kiwi demand on NZD/JPY cross amid positive risk appetite and weaker yen sentiment. Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15 day MA and is declining.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.85050. A breach of this target will move the pair further downwards to 0.8515. The pivot point stands at 0.8650. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8690 and the second target at 0.8750.
Resistance levels:
0.8690
0.8750
0.8775
Support levels:
0.8550
0.8515
0.8475
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