Source: PaxForex Premium Analytics Portal, Technical Insight
New Zealand - The quarterly GDP data for Q3 of CY2022 has been recorded at 2.0%, higher than the expectations of 0.9% and the prior release of 1.7%. No doubt, a stellar expansion in NZ economic activities is going to provide a cushion to the New Zealand Dollar but will accelerate inflation risks ahead.
NZD/CAD,D1
Pivot: 0.8674
Analysis:
As long as the price is above 0.8550 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8674
- Take Profit 1: 0.8800
- Take Profit 2: 0.8900
Alternative scenario:
If the level of 0.8550 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8550
- Take profit 1: 0.8275
- Take profit 2: 0.8150
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.9100 | 0.8550 |
| 0.8900 | 0.8275 |
| 0.8800 | 0.8150 |
