Source: PaxForex Premium Analytics Portal, Technical Insight

On 31 July, representatives of the Foreign Ministry of South Korea, the USA, Australia, New Zealand, Vietnam, Japan, and India held a telephone conference during which they discussed the situation with the coronavirus and issues related to the resumption of economic activity. It was reported by Yonhap News, with reference to representatives of the South Korean Foreign Ministry. According to them, representatives of seven countries discussed the epidemiological situation in the regions, ways to restore economic activity, resumption of international flights, as well as the creation and distribution of vaccines against coronavirus.

NZD/USD, 30 min

Pivot: 0.6633

Analysis:

Provided that the currency pair is traded above 0.6606 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6633
• Take Profit 1: 0.6666
• Take Profit 2: 0.6681

Alternative scenario: 

In case of breakdown of the level 0.6606 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6606
• Take Profit 1: 0.6580
• Take Profit 2: 0.6565

Comment:

RSI is below its neutral area at 50. The MACD is above its signal line and is negative. The configuration is mixed. Moreover, the pair is traded above 20 mA (0.6629) but below 50 mA (0.6652).

Key levels:

NZD/USD, D1

Pivot: 0.6628

Analysis:

While the price is above 0.6500, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6628
• Take Profit 1: 0.6730
• Take Profit 2: 0.6815

Alternative scenario:

If the level 0.6500 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6500
• Take Profit 1: 0.6370
• Take Profit 2: 0.6265

Comment:

RSI shows further uptrend development.

Key levels: