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Fundamental overview:
NZD/USD is expected to trade with risks skewed higher. It is supported by positive sentiment for commodity-linked currencies as oil prices advanced on Tuesday and by the NZD-USD interest differential. The kiwi sentiment is dented by the anemic increase of 1.1% in Fonterra's GDT Price Index and the fall of 1.0% in average price for whole milk powder to $3,241/MT at the latest Global Dairy Trade auction. The gains of NZD/USD are also tempered by kiwi sales on the buoyant AUD/NZD cross and subdued investor risk appetite.
Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is bearish at overbought levels, inside-day-range pattern was completed on Tuesday.
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7615 and the second target at 0.7655. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.75. A break of this target would push the pair further downwards, and one may expect the second target at 0.7470. The pivot point is at 0.7540.
Resistance levels:
0.7615
0.7655
0.7695
Support levels:
0.75
0.7470
0.7430
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