NZD/USD | New Zealand Dollar to US Dollar Trading Analysis
S&P Global Ratings in its latest report confirmed the AA rating for New Zealand and maintained a positive outlook, citing strong fundamentals. The fiscal position should strengthen after the coronavirus pandemics are contained. Experts estimate that New Zealand's economy will shrink by 2.4% in 2020, then will grow by 1.7% in 2021 and by 4.4% in 2022. It is believed that New Zealand's economy is in recession, and the fiscal position of the government is significantly weakening.
NZD/USD, 30 min
Pivot: 0.6061
Analysis:
Provided that the currency pair is traded above 0.6014, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 0.6094
Take Profit 1: 0.6128
Take Profit 2: 0.6160
Alternative scenario:
In case of breakdown of the level 0. 6014 follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 0.6014
Take Profit 1: 0.5960
Take Profit 2: 0.5928
Comment:
RSI is above 50. MACD is above its signal line and positive. The configuration is positive. Moreover, the pair trades above its 20 and 50 moving averages (by 0.6051 and 0.6040 respectively).
Key levels:
Resistance
Support
0.6193
0.6014
0.6160
0.5960
0.6128
0.5928
NZD/USD, D1
Pivot: 0.6026
Analysis:
While the price is above 0.5940, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 0.6026
Take Profit 1: 0.6175
Take Profit 2: 0.6280
Alternative scenario:
If the level 0. 5940 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: short position
Entry point: 0.5940
Take Profit 1: 0.5845
Take Profit 2: 0.5700
Comment:
Continued consolidation cannot be ruled out; scope must be limited.
Key levels:
Resistance
Support
0.6440
0.5940
0.6280
0.5845
0.6175
0.5700
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – buy above 0.6415 with 0.6470 and 0.6485 as Take Profit targets. Alternative scenario - if the level of 0.6415 is broken-down, you should consider selling with the targets 0.6395 and 0.6375 as Take Profit. USD/CAD - short positions below 1.4105 with 1.4005 and 1. 1.3960 targets as Take Profit. Alternative scenario - if the level of 1.4105 is broken-out, buy with the targets 1.4159 and 1.4200 as Take Profit. EUR/USD – sell below 1.0925 with 1.0890 and 1.0875 targets as Take Profit. Alternative scenario - if the level 1.0925 is broken-out, buy with the TP 1.0945 and 1.0965.
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