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Overview:
NZD/USD is expected to trade in a lower range. It is undermined by the lower-than-expected New Zealand 1Q CPI (rose 0.3% on quarter versus +0.5% forecast) and concerns over the Chinese economy, broadly firmer dollar undertone and Kiwi sales on buoyant AUD/NZD cross. Daily chart is negative-biased as MACD and stochastics are in bearish mode.
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 0.8570. A breach of this target will move the pair further downwards to 0.8545. The pivot point stands at 0.8630. 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 0.8660 and the second target at 0.8690.
Resistance levels:
0.8660
0.8690
0.8625
Support levels:
0.8570
0.8545
0.85
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