Source: PaxForex Premium Analytics Portal, Technical Insight
The kiwi is supported by a massive jump in the pace of quarterly producer price inflation (PPI), according to a report released during Thursday's Asia-Pacific session. Producer prices rose 3.6% in Q1, while output prices rose 2.6%, with the latest spike in price pressure interpreted by market participants as increasing the possibility of a second straight 50 bps rate hike from the RBNZ next week (rates are expected to rise to 2.0%).
NZD/CAD,D1
Pivot: 0.8194
Analysis:
As long as price is below 0.8350 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8194
- Take Profit 1: 0.8050
- Take Profit 2: 0.7950
Alternative scenario:
If the level of 0.8350 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8350
- Take profit 1: 0.8500
- Take profit 2: 0.8575
Comment:
RSI indicates the potential for decrease in the medium term.
Key levels:
Resistance | Support |
0.8575 | 0.8050 |
0.8500 | 0.7950 |
0.8350 | 0.7900 |