Source: PaxForex Premium Analytics Portal, Technical Insight
Despite the RBNZ raising interest rates by 50 bps on Wednesday to strengthen its position as the most hawkish central bank in the B10, the kiwi can't get long-term momentum.
NZD/CAD,D1
Pivot: 0.8529
Analysis:
As long as price is above 0.8620 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8529
- Take Profit 1: 0.8480
- Take Profit 2: 0.8430
Alternative scenario:
If the level of 0.8620 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8620
- Take profit 1: 0.8720
- Take profit 2: 0.8800
Comment:
RSI indicates the potential for decrease in the medium term.
Key levels:
| Resistance | Support |
| 0.8800 | 0.8480 |
| 0.8720 | 0.8430 |
| 0.8620 | 0.8350 |
