Source: PaxForex Premium Analytics Portal, Technical Insight
Last week the RBNZ met and it kept to its hawkish path. The board debated that it may have needed to hike by 75bps (it stuck to 50bps in the end), worried the weak NZD was an inflation risk and expected to keep hiking rates. This strengthened the outlook for the NZD going forward.
NZD/CAD,D1
Pivot: 0.7747
Analysis:
As long as the price is below 0.7905 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7747
- Take Profit 1: 0.7665
- Take Profit 2: 0.7550
Alternative scenario:
If the level of 0.7905 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7905
- Take profit 1: 0.7980
- Take profit 2: 0.8050
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8050 | 0.7665 |
| 0.7980 | 0.7550 |
| 0.7905 | 0.7500 |
