Source: PaxForex Premium Analytics Portal, Technical Insight

The campaign before the general elections began in New Zealand, reports Reuters. There was a brief ceremony in the Parliament to begin preparations for the elections, which are scheduled for October 17. Initially, elections were to be held back in August, but the New Zealand authorities postponed them because of the outbreak of COVID-19 in Auckland.

NZD/USD, 30 min

Pivot: 0.6707

Analysis:

Provided that the currency pair is traded below 0.6729 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6707
• Take Profit 1: 0.6673
• Take Profit 2: 0.6657

Alternative scenario: 

In case of breakout of the level 0.6729 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6729
• Take Profit 1: 0.6756
• Take Profit 2: 0.6772

Comment:

RSI is below its neutral area at 50. MACD is negative and below its signal line. The configuration is negative. Moreover, the pair trades below its 20 and 50 moving averages (0.6715 and 0.6709 respectively).

Key levels:

NZD/USD, D1

Pivot: 0.6711

Analysis:

While the price is above 0.6490, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6711
• Take Profit 1: 0.6940
• Take Profit 2: 0.7050

Alternative scenario:

If the level 0.6490 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6490
• Take Profit 1: 0.6380
• Take Profit 2: 0.6230

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 - buy above 1.1820 with 1.1865 and 1.1890 targets as Take Profit. Alternative scenario - if the level 1.1820 is broken-down, sell with the TP 1.1800 and 1.1780.
GBP/USD - short positions below 1.3285 with 1.3200 and 1.3175 targets as Take Profit. Alternative scenario - if the level of 1.3285 is broken-out, buy with the targets 1.3320 and 1.3355 as Take Profit.
USD /CHF – buy above 0.9120 with 0.9165 and 0.9180 as Take Profit targets. Alternative scenario - if the level of 0.9120 is broken-down, you should consider selling with the targets 0.9100 and 0.9080 as Take Profit.