Source: PaxForex Premium Analytics Portal, Technical Insight

Head of the Reserve Bank of New Zealand Orr: we are preparing to introduce a negative rate if necessary:

• Financial and monetary policies should work hand in hand;

• There are always pros and cons when it comes to monetary policy;

• Reducing risks are prevalent in the economy;

• The objectives of monetary policy have not changed;

• RBNZ takes real estate prices into account when implementing monetary policy;

• New monetary policy instruments will become mainstream;

• Their use will depend on the economic context and efficiency.

NZD/USD, 30 min

Pivot: 0.7065

Analysis:

Provided that the currency pair is traded above 0.7040, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7065
• Take Profit 1: 0.7100
• Take Profit 2: 0.7117

Alternative scenario: 

In case of breakdown of the level 0.7040, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.7040
• Take Profit 1: 0.7012
• Take Profit 2: 0.6996

Comment:

RSI above 50. MACD is positive and above its signal line. The configuration is positive. Moreover, the pair trades above its 20 and 50 moving averages (by 0.7062 and 0.7059 respectively).

Key levels

NZD/USD, D1

Pivot: 0.7030

Analysis:

While the price is above 0.6863, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7030
• Take Profit 1: 0.7273
• Take Profit 2: 0.7393

Alternative scenario:

If the level 0.6863 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6863
• Take Profit 1: 0.6671
• Take Profit 2: 0.6557

Comment:

RSI shows an uptrend in the medium term.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD – buy above 1.2080 with 1.2150 and 1.2175 targets as Take Profit. Alternative scenario - if the level 1.2080 is broken-down, sell with the TP 1.2060 and 1.2040.
GBP/USD - long positions above 1.3340 with 1.3440 and 1.3470 targets as Take Profit. Alternative scenario - if the level of 1.3340 is broken-down, sell with the targets 1.3320 and 1.3290 as Take Profit.
AUD/USD – buy above 0.7385 with 0.7465 and 0.7480 as Take Profit targets. Alternative scenario - if the level of 0.7385 is broken-down, you should consider selling with the targets 0.7370 and 0.7350 as Take Profit.