Source: PaxForex Premium Analytics Portal, Technical Insight
New Zealand business confidence slumped to the lowest since the 1970s in the fourth quarter as the prospect of higher interest rates and weaker demand fuel fears of a sharper-than-expected recession.
NZD/CAD,D1
Pivot: 0.8633
Analysis:
As long as the price is above 0.8450 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8633
- Take Profit 1: 0.8730
- Take Profit 2: 0.8880
Alternative scenario:
If the level of 0.8450 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8450
- Take profit 1: 0.8350
- Take profit 2: 0.8250
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8900 | 0.8450 |
| 0.8800 | 0.8350 |
| 0.8730 | 0.8250 |
