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Overview:
NZD/USD is expected to consolidate with risks skewed lower. It is undermined by the positive USD sentiment, Kiwi sales on rebounding AUD/NZD cross and subdued risk appetite. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand's monetary policy stance and NZD/USD interest differential. The Daily chart is negative-biased as stochastics is falling from the overbought zone, MACD is staging bearish crossover against its exponential moving average, although inside-day-range pattern was completed on Friday.
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 0.88 and the second target at 0.8835. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.87. A breach of this target would push the pair further downwards and one may expect the second target at 0.8680. The pivot point is at 0.8725.
Resistance levels:
0.8800
0.8835
0.8860
Support levels:
0.87
0.8680
0.8650
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