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Overview:
The NZD/USD is expected to consolidate after hitting six-day low at 0.8499 on Thursday. It is undermined by the positive dollar sentiment and Kiwi sales on the rebounding AUD/NZD cross. But the NZD/USD downside is limited by the Kiwi demand on the NZD/JPY cross amid reduced risk aversion, hawkish Reserve Bank of New Zealand's monetary policy stance and positions' adjustment before weekend.The daily chart is mixed as the MACD is bullish, but stochastics is bearish and is in the overbought zone; the bearish parabolic stop-and-reverse signal hit on Thursday.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8480. A breach of this target will move the pair further downwards to 0.8430. The pivot point stands at 0.8570. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8595 and the second target at 0.8640.
Resistance levels:
0.8595
0.8640
0.8675
Support levels:
0.8480
0.8430
0.84
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