Source: PaxForex Premium Analytics Portal, Technical Insight
The NZD/USD pair has corrected to near 0.6370 after sensing selling pressure near the round-level resistance of 0.6400 in the Asian session. The Kiwi asset is likely to remain on the tenterhooks as investors are awaiting the speech from Federal Reserve (Fed) chair Jerome Powell for fresh impetus.
NZD/USD,D1
Pivot: 0.6365
Analysis:
While the price is above 0.6130, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6365
- 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 |
