Source: PaxForex Premium Analytics Portal, Technical Insight

Chief Economist of the New Zealand Institute of Economic Research (NZIER) said in an interview with Bloomberg that he does not expect the decline of the national economy to be very strong. Based on the activity indicators, the economy may slump by about 2% in the 2nd quarter.

NZD/USD, 30 min

Pivot: 0.6541

Analysis:

Provided that the currency pair is traded below 0.6567 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6541
• Take Profit 1: 0.6500
• Take Profit 2: 0.6482

Alternative scenario: 

In case of breakout of the level 0.6567 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6567
• Take Profit 1: 0.6597
• Take Profit 2: 0.6616

Comment:

RSI is below 50. MACD is below its signal line and negative. The configuration is negative. Moreover, the pair is below its 20 and 50 MA (0.6546 and 0.6546 respectively).

Key levels:

NZD/USD, D1

Pivot: 0.6534

Analysis:

While the price is above 0.6363, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6534
• Take Profit 1: 0.6833
• Take Profit 2: 0.6959

Alternative scenario:

If the level 0. 6363 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6363
• Take Profit 1: 0.6153
• Take Profit 2: 0.6027

Comment:

RSI is above 50. MACD is positive and below its signal line. The pair can recover. In addition, the pair trades above its 20 and 50 moving averages (by 0.6468 and 0.6291 respectively).

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

AUD/USD – sell below 0.6950 with 0.6920 and 0.6910 as Take Profit targets. Alternative scenario - if the level of 0.6945 is broken-out, you should consider buying with the targets 0.6980 and 0.7000 as Take Profit.
USD/CAD - long positions above 1.3575 with 1.3610 and 1.3625 targets as Take Profit. Alternative scenario - if the level of 1.3575 is broken-down, sell with the targets 1.3555 and 1.3540 as Take Profit.
EUR/USD – sell below 1.1290 with 1.1260 and 1.1245 as Take Profit targets. Alternative scenario - if the level 1.1290 is broken-out, you should consider buying with the targets 1.1305 and 1.1330 as Take Profit.