Overview:
NZD/USD is expected to trade in higher range. It is supported by the negative dollar sentiment and buoyant commodity prices.The NZIER 4Q quarterly survey of business opinion showed that net 52% of New Zealand firms are now expecting business conditions to improve over the next six months, up from a net 33% in 3Q. But NZD/USD gains are tempered by Kiwi sales in soft NZD/JPY cross amid increased investor risk aversion and concerns over the weak economic outlook for China. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter in the overbought zone, five-day moving average is above 15-day MA and still advancing.

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 0.841 and the second target at 0.84445 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.83.A breach of this target will move the pair further downwards and one may expect the second target at 0.8265. The pivot point stands at 0.834.

Resistance levels:
0.841
0.8445
0.85

Support levels:
0.83
0.8265
0.824