Source: PaxForex Premium Analytics Portal, Technical Insight
The NZD/USD pair gains some positive traction on Tuesday and moves further away from a one-month low, around the 0.6270 region touched the previous day. Spot prices, however, trim a part of the intraday gains and retreat to the 0.6320-0.6325 area during the early European session.
NZD/USD,D1
Pivot: 0.6315
Analysis:
While the price is above 0.6130, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6315
- Take Profit 1: 0.6565
- Take Profit 2: 0.6800
Alternative scenario:
If the level 0.6130 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6130
- Take Profit 1: 0.5850
- Take Profit 2: 0.5630
Comment:
RSI shows the development of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.6950 | 0.6130 |
| 0.6800 | 0.5850 |
| 0.6565 | 0.5630 |
