NZD/USD is expected to trade in a higher range. It is supported by the weaker dollar sentiment and kiwi demand on the soft AUD/NZD cross. But NZD/USD gains are tempered by the increased risk aversion, soft dairy prices, and divergent monetary policy stances of the Reserve Bank of New Zealand nad the US Federal Reserve.
The daily chart is tilting positive as the MACD and stochastics are turning bullish.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6735 and the second target at 0.6780. In the alternative scenario, short positions are recommended with the first target at 0.6635 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.66. The pivot point is at 0.6680.
Resistance levels: 0.6735 0.6780 0.6815
Support levels: 0.6635 0.66 0.6580
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