Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting near a four-year low 0.7228 on Thursday. The kiwi is hurt by the shift in the Reserve Bank of New Zealand's monetary stance from tightening bias to neutral. NZD/USD is also weighed by the Fonterra cutting its milk volume forecast for the year ending on May 31 by 3.3% from its prior forecast to 1.53 billion kg of milk solids, by 2.1% drop in the New Zealand December building consents issued and bu the bullish dollar sentiment. But NZD/USD losses are tempered by the positive risk sentiment, the kiwi demand on retreating AUD/NZD cross and positions adjustment ahead of the weekend.

Technical comment:
The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, five- and 15-day moving averages are declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.7235. A break of this target will move the pair further downward to 0.7210. The pivot point stands at 0.7350. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7440 and the second target at 0.7465.

Resistance levels:
0.7440
0.7465
0.75
Support levels:
0.7235
0.7210
0.7145