Source: PaxForex Premium Analytics Portal, Technical Insight

As Citibank analysts write in anticipation of the forthcoming meeting of the Federal Reserve on monetary policy:

• We do not expect any new measures or meaningful statements of intent from the Central Bank regarding future policy;

• The meeting will be held directly against the background of the presidential election and after a significant review of the Fed's forecasts in September. These two factors may lead to a very thorough meeting;

• The Central Bank may cut back purchases of MBS mortgage bonds, but such a decision may not be announced until December at the earliest;

• The Central Bank still "doesn't even think" about raising the rates.

NZD/USD, 30 min

Pivot: 0.6660

Analysis:

Provided that the currency pair is traded below 0.6679, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6660
• Take Profit 1: 0.6624
• Take Profit 2: 0.6609

Alternative scenario: 

In case of breakout of the level 0.6679, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6679
• Take Profit 1: 0.6704
• Take Profit 2: 0.6719

Comment:

RSI is below its neutral area at 50. MACD is negative and below its signal line. The configuration is negative. Moreover, the pair is below its 20 and 50 moving averages (0.6685 and 0.6674 respectively).

Key levels:

NZD/USD, D1

Pivot: 0.6669

Analysis:

While the price is above 0.6669, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6669
• Take Profit 1: 0.6888
• Take Profit 2: 0.6989

Alternative scenario:

If the level 0.6669 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6669
• Take Profit 1: 0.6316
• Take Profit 2: 0.6215

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 – sell below 1.1700 with 1.1600 and 1.1580 targets as Take Profit. Alternative scenario - if the level 1.1700 is broken-out, buy with the TP 1.1730 and 1.1770.
GBP/USD - short positions below 1.3060 with 1.2935 and 1.2890 targets as Take Profit. Alternative scenario - if the level of 1.3060 is broken-out, buy with the targets 1.3100  and 1.3140 as Take Profit.
AUD/USD – sell below 0.7145 with 0.7075 and 0.7045 as Take Profit targets. Alternative scenario - if the level of 0.7145 is broken-out, you should consider buying with the targets 0.7175 and 0.7220 as Take Profit.