Source: PaxForex Premium Analytics Portal, Technical Insight
As stated by the Deputy Governor of the Central Bank of New Zealand, C. Hawkesby:
- If necessary, the Central Bank may lower the rate and increase the volume of weekly bond purchases;
- The RBNZ is determined to stick to its stimulative policy;
- The economic recovery in New Zealand is fragile and uneven; the outlook is rather subdued;
- The most effective tool for the real estate market is macroprudential policy.
NZD/USD, 30 min
Pivot: 0.7238
Analysis:
Provided that the currency pair is traded above 0.7209, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7238
- Take Profit 1: 0.7285
- Take Profit 2: 0.7303
Alternative scenario:
In case of breakdown of the level 0.7209, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7209
- Take Profit 1: 0.7178
- Take Profit 2: 0.7159
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7322 | 0.7209 |
| 0.7303 | 0.7178 |
| 0.7285 | 0.7159 |
NZD/USD, D1
Pivot: 0.7258
Analysis:
While the price is above 0.7039, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7258
- Take Profit 1: 0.7537
- Take Profit 2: 0.7666
Alternative scenario:
If the level 0.7039 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7039
- Take Profit 1: 0.6825
- Take Profit 2: 0.6697
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7795 | 0.7039 |
| 0.7666 | 0.6825 |
| 0.7537 | 0.6697 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.2080 with 1.2020 and 1.1990 targets as Take Profit. Alternative scenario - if the level 1.2080 is broken-out, buy with the TP 1.2110 and 1.2140.
GBP/USD - short positions below 1.3965 with 1.3910 and 1.3885 targets as Take Profit. Alternative scenario - if the level of 1.3965 is broken-out, buy with the targets 1.4000 and 1.4030 as Take Profit.
AUD/USD – sell below 0.7810 with 0.7750 and 0.7725 as Take Profit targets. Alternative scenario - if the level of 0.7810 is broken-out, you should consider buying with the targets0.7835 and 0.7860 as Take Profit.
