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Fundamental overview:
NZD/USD is expected to consolidate with bullish bias after hitting near-three-month high 0.7697 on Thursday.It is underpinned by the negative dollar sentiment, Kiwi demand on buoyant NZD/JPY cross and NZD-USD interest differential. But NZD/USD gains are tempered by the soft dairy prices and Kiwi sales on buoyant AUD/NZD cross and positions adjustment ahead of the weekend.
Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, five-day moving average staged bullish crossover against 15-day moving average, bullish parabolic stop-and-reverse signal hit on Thursday.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.7740 and the second target at 0.7790. In the alternative scenario, in case the price moves below its pivot points, short positions are recommended with the first target at 0.7575. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7540. The pivot point is at 0.7620.
Resistance levels:
0.7740
0.7790
0.7845
Support levels:
0.7575
0.7540
0.75
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