NZD/USD | New Zealand Dollar to US Dollar Trading Analysis
In New Zealand, because of the coronavirus, the salaries of government members and heads of government departments and agencies were cut by 20 percent. Prime Minister Jacinda Ardern told journalists about the government's decision April 15. According to Ardern, such salary cuts for senior government officials, including the Prime Minister, will "equalize the income of citizens affected by the pandemic" and reduce the negative impact of the situation on the economy.
NZD/USD, 30 min
Pivot: 0.6073
Analysis:
Provided that the currency pair is traded below 0.6117, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 0.6073
Take Profit 1: 0.6005
Take Profit 2: 0.5972
Alternative scenario:
In case of breakout of the level 0.6117, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 0.6117
Take Profit 1: 0.6171
Take Profit 2: 0.6203
Comment:
RSI is below 50. MACD is negative and below the signal line. The configuration is negative. Moreover, the pair is traded under its 20 and 50 moving averages (0.6092 and 0.6094, respectively).
Key levels:
Resistance
Support
0.6203
0.6005
0.6171
0.5972
0.6117
0.5940
NZD/USD, D1
Pivot: 0.6108
Analysis:
While the price is above 0.5794, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 0.6108
Take Profit 1: 0.6581
Take Profit 2: 0.6807
Alternative scenario:
If the level 0.5794 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: short position
Entry point: 0.5794
Take Profit 1: 0.5417
Take Profit 2: 0.5193
Comment:
RSI is above 50. MACD is above the signal line and negative. The MACD must break above its zero level to cause further growth. Moreover, the pair trades above 20 MA (0.5913) but below 50 MA (0.6153).
Key levels:
Resistance
Support
0.7033
0.5794
0.6807
0.5417
0.6581
0.5193
We also advise you to pay attention to the following currency pairs for intra-day trading:
EURUSD – buy above 1.0955 with 1.0990 and 1.1000 as Take Profit targets. Alternative scenario - if the level of 1.0955 is broken-down, you should consider selling with the targets 1.0935 and 1.0915 as Take Profit. GBP/USD - long positions above 1.2580 with 1.2650 and 1.2690 targets as Take Profit. Alternative scenario - if the level of 1.2580 is broken-down, sell with the targets 1.2545 and 1.2520 as Take Profit. EUR/GBP - buy above 0.8660 with 0.8776 and 0.8811 targets as Take Profit. Alternative scenario - if the level 0.8660 is broken-down, sell with the TP 0.8602 and 0.8568.
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