Source: PaxForex Premium Analytics Portal, Technical Insight
The New Zealand Central Bank is widely expected to raise its key interest rate this week on October 6. Analysts at ING write that such an outcome will support the NZD, although the currency continues to be vulnerable to the markets' general risk sentiment.
NZD/USD,D1
Pivot: 0.6962
Analysis:
While the price is below 0.7080, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6962
- Take Profit 1: 0.6900
- Take Profit 2: 0.6820
Alternative scenario:
If the level 0.7080 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7080
- Take Profit 1: 0.7170
- Take Profit 2: 0.7240
Comment:
RSI shows the development of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7240 | 0.6900 |
| 0.7170 | 0.6820 |
| 0.7080 | 0.6750 |
