Following are expected trading ranges and outlook for NZD/USD today:

NZD/USD - to consolidate with positive bias. Supported by higher-than-expected NZ 2Q CPI of +1.0% (vs +0.8% forecast), positive global risk sentiment, firmer commodity prices, Kiwi demand on soft AUD/NZD cross. But NZD/USD gains tempered by euro-zone sovereign debt woes.

Daily chart positive-biased as MACD & stochastics bullish, although latter at overbought, suggesting sideways or higher NZD/USD trading near-term.

Resistance at 0 0.8505 (Thursday's 30-year high); breach would expose upside to psychological round-numbered levels of 0.8600 up to 0.9000.

Support at 0.8375 (Friday's low); breach would expose downside to 0.8257 (hourly chart), then 0.8156 (Wednesday's low), 0.8118 (55-day moving average) and 0.8106 (Tuesday's low).

(Ranges are calculated using recent high and lows, information on the placement of option strikes, and technical analysis - Fibonacci levels, trendlines and moving averages.)