Source: PaxForex Premium Analytics Portal, Technical Insight
During June, the New Zealand dollar depreciated against the US dollar from 0.6502 to 0.6227. MUFG Bank economists expect the NZD/USD pair to remain under pressure this quarter and to start rising again by the end of the year.
NZD/USD,D1
Pivot: 0.6220
Analysis:
While the price is below 0.6365, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6220
- Take Profit 1: 0.6175
- Take Profit 2: 0.6050
Alternative scenario:
If the level 0.6365 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6365
- Take Profit 1: 0.6475
- Take Profit 2: 0.6565
Comment:
RSI shows the development of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.6565 | 0.6175 |
| 0.6475 | 0.6050 |
| 0.6365 | 0.5950 |
