Overview:

NZD/USD is expected to trade with bearish bias undermined by the Kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the negative dollar sentiment and hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold zone, 5 and 15 day moving averages are declining.

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 0.8215 and the second target at 0.8245. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.804. A breach of this target will push the pair further downwards and one may expect the second target at 0.798. The pivot point is at 0.81.

Resistance levels:
0.8215
0.8245
0.8280
Support levels:
0.804
0.798
0.795