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Fundamental overview:
NZD/USD is expected to trade in a higher range. Financial markets in New Zealand are shut for a public holiday on Monday. NZD/USD is supported by the weaker dollar sentiment and positive investor risk appetite. But NZD/USD gains are tempered by the comments from RBNZ Assistant Governor John McDermott who said the cash rate would be on hold for some time with an increasing risk of a rate cut and kiwi sales on buoyant AUD/NZD cross and soft dairy prices.
Technical comment:
The daily chart is mixed as stochastics is falling from overbought levels, but the MACD is still in bullish mode.
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 0.7640 and the second target at 0.7685. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7540. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7490. The pivot point is at 0.7575.
Resistance levels:
0.7640
0.7685
0.7740
Support levels:
0.7540
0.7490
0.7435
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