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Overview:
NZD/USD is expected to consolidate with a bullish bias after hitting a seven-day high at 0.8514 on Thursday. The NZD sentiment is boosted by the stronger-than-expected 1.2% increase in New Zealand 2Q retail sales versus forecast +1.0%). NZD/USD is also supported by the Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, Kiwi demand on soft AUD/NZD cross, and NZD-USD interest differential. But NZD/USD gains are tempered by the soft commodity prices, reduced expectations of further rate hikes from the Reserve Bank of New Zealand this year, the official stance against strong Kiwi exchange rate and positions adjustment before the weekend. The daily chart is tilting positive as stochastics is rising from the oversold zone, MACD is staging bullish crossover against its exponential moving average; bullish parabolic stop-and-reverse signal was hit on Wednesday.
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 0.8510 and the second target at 0.8530. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8415. A break of this target would push the pair further downwards and one may expect the second target at 0.8395. The pivot point is at 0.8460.
Resistance levels:
0.8510
0.8530
0.8560
Support levels:
0.8415
0.8395
0.8375
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