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Fundamental overview:
NZD/USD is expected to trade in a higher range. It is undermined by positive dollar sentiment (ICE spot dollar index last 97.91 versus 97.07 early Tuesday) as more-than-expected 5.133 million US job openings in February (versus forecast of 5.01 million), a rise in the US IBD/TIPP economic optimism index to 51.3 in April from 49.1 in March, and larger-than-expected $15.52 billion increase in the US February consumer credit (versus forecast +$12.0 billion) bolster belief that last Friday's weak US March non-farm payrolls report was an aberration and that the US economy will regain momentum after the first quarter, subdued investor risk appetite, weak dairy prices and kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the NZD-USD interest differential.
Technical comment:
The daily chart is mixed as the MACD is turning bearish, but stochastics is neutral.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 0.7620 and the second target at 0.7665. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7460. A break of this target would push the pair further downwards, and one may expect the second target at 0.7420. The pivot point is at 0.7510.
Resistance levels:
0.7620
0.7665
0.7695
Support levels:
0.7460
0.7420
0.7375
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