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Overview:
NZD/USD is expected to consolidate with bullish bias after hitting the two-and-a-half year high of 0.8685 on Thursday. It is supported by the upbeat New Zealand's trade data for February, hawkish Reserve Bank of New Zealand's monetary policy stance, hope of further stimulus in China, firmer commodity prices and kiwi demand on retreating AUD/NZD cross. But the NZD/USD gains are tempered by the positive dollar sentiment, waning investor risk appetite and positions adjustment before weekend. Daily chart is positive-biased as MACD and stochastics is bullish, 5- and 15-day moving averages are advancing.
Trading recommendation:
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 far as the price is above its pivot point, a long position is recommended with the first target at 0.87 and the second target at 0.8720. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8620. A breach of this target will push the pair further downwards and one may expect the second target at 0.8585. The pivot point is at 0.8650.
Resistance levels:
0.87
0.8720
0.8740
Support levels:
0.8620
0.8585
0.8565
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