Source: PaxForex Premium Analytics Portal, Technical Insight
The New Zealand economy grew faster than investors were expecting in the second quarter of the year, raising bets the Reserve Bank of New Zealand (RBNZ) has scope to raise interest rates further. New Zealand GDP grew 1.7% quarter-on-quarter in the second quarter of 2022 said Stats NZ, which was well above the 1.0% markets were expecting.
NZD/CAD,D1
Pivot: 0.7879
Analysis:
As long as the price is below 0.8030 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7879
- Take Profit 1: 0.7850
- Take Profit 2: 0.7800
Alternative scenario:
If the level of 0.8030 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8030
- Take profit 1: 0.8125
- Take profit 2: 0.8180
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8180 | 0.7850 |
| 0.8125 | 0.7800 |
| 0.8030 | 0.7700 |
