Source: PaxForex Premium Analytics Portal, Technical Insight

USD/CAD

Canada: Manufactured goods prices rose 1.6% m/m in April.

Pivot: 1.2075

Analysis:

Provided that the currency pair is traded below 1.2275, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.2075
• Take Profit 1: 1.1980
• Take Profit 2: 1.1680

Alternative scenario: 

In case of breakout of the level 1.2275, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.2275  
• Take Profit 1: 1.2400
• Take Profit 2: 1.2500

Comment:

RSI shows the possibility of a downtrend during the day.

Key levels:

NZD/USD

RBNZ, Hawksbee: Markets are ahead of the curve on rate hikes.

Pivot: 0.7249

Analysis:

While the price is above 0.7140, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7249
• Take Profit 1: 0.7315
• Take Profit 2: 0.7385

Alternative scenario:

If the level 0.7140 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7140
• Take Profit 1: 0.7065
• Take Profit 2: 0.7000

Comment:

RSI shows the possibility of an uptrend in the medium term.

Key levels: