NZD/USD | New Zealand Dollar to US Dollar Trading Analysis
NZD/USD is traded at historical lows, after OPEC deal break-up and negative economic statistics from China due to coronavirus consequences. New Zealand is the world's largest exporter of dried milk, and tourism is the main contributor to the country's economy. Large export volumes to China make NZD/USD sensitive to economic indicators from China. But the newly formed "Double Bottom" pattern may give a chance for the pair to grow.
NZD/USD, 30 min
Pivot - 0.5746
Analysis:
Provided that the currency pair is traded above 0.5720, follow the recommendations below:
The timeframe: 30 min
Recommendation: long position
Entry point: 0.5746
Take Profit 1: 0.5806
Take Profit 2: 0. 5845
Alternative scenario:
In case of breakdown of the level 0.5720, follow the recommendations below:
The timeframe: 30 min
Recommendation: short position
Entry point: 0.5720
Take Profit 1: 0.5696
Take Profit 2: 0.5681
Comment:
RSI is above 50. MACD is positive and above the signal line. The configuration is positive. In addition, the pair is traded above its 20 and 50 moving averages (0.5707 and 0.5697 respectively).
Key levels:
Resistance
Support
0.5845
0.5720
0.5806
0.5696
0.5792
0.5681
NZD/USD, D1
Pivot: 0.5800
Analysis:
While the price is above 0.5800, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 0.5800
Take Profit 1: 0.5960
Take Profit 2: 0.6190
Alternative scenario:
If the level 0.5800 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: short position
Entry point: 0.5800
Take Profit 1: 0.5600
Take Profit 2: 0.5300
Comment:
The trend has changed to an upward one, RSI shows the possibility of an upward momentum.
Key levels:
Resistance
Support
0.6350
0.5600
0.6190
0.5300
0.5960
0.5000
We also advise you to pay attention to the following currency pairs for intra-day trading:
EUR/USD – buy above 1.0650 with 1.0785 and 1.0840 as Take Profit targets. Alternative scenario - if the level of 1.0650 is broken-down, you should consider selling with the targets 1.0600 and 1.0550 as Take Profit. GBP/USD - long positions above 1.1520 with 1. 1710 and 1.1790 targets as Take Profit. Alternative scenario - if the level of 1.1660 is broken-down, sell with the targets 1.1460 and 1.1405 as Take Profit. USD/CHF - sell below 0.9890 with 0.9740 and 0.9700 targets as Take Profit. Alternative scenario - if the level 0.9890 is broken-down, buy with the TP 0.9925 and 0.9970.
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