NZD/USD: Upside

Overview:
NZD/USD is trading with bullish bias. The rate is underpinned by negative USD sentiment; firmer commodity prices; NZD-USD yield gap. But NZD/USD gains are tempered by Kiwi sales on buoyant AUD/NZD cross. Daily chart is positive-biased as stochastics is rising from oversold; negative MACD histogram bars are contracting. 

Trading recommendations:  
The pair is trading above its pivot point. It is likely to trade in the higher range as far as it remains above its pivot point. While the price is above its pivot point, trading in higher range is most favourable and buy position is recommended above its pivot with the first target at 0.806 and the second target at 0.8105. You should keep in view short position below the pivot keep of the first target at 0.7935, the breach of this target will move the pair downward further and expect the second target at 0.7902. The pivot point stands at 0.8. 

Resistance levels:
R1 – 0.806
R2 – 0.8105
R3 – 0.8145

Support levels:
S1 – 0.7935
S2 – 0.7902
S3 – 0.7875

The material has been provided by InstaForex Company – www.instaforex.com