Source: PaxForex Premium Analytics Portal, Technical Insight

NZD/USD currency pair closed the trading week near 0.6600. The pair is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud. It indicates that there is a bullish trend for NZD/USD. This trading week, the pair is expected to grow and test the upper bound of Ichimoku Kinko Hyo near the level of 0.6730. Traders should expect the pair's attempt to rebound and further growth with a target near 0.6815.

NZD/USD, 30 min

Pivot: 0.6602

Analysis:

Provided that the currency pair is traded above 0.6585 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6602
• Take Profit 1: 0.6633
• Take Profit 2: 0.6646

Alternative scenario: 

In case of breakdown of the level 0.6585 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6585
• Take Profit 1: 0.6563
• Take Profit 2: 0.6550

Comment:

RSI is below its neutral area at 50. MACD is negative and above its signal line. The configuration is mixed. Moreover, the pair is above its 20 MA (0.6598) but below its 50 MA (0.6621).

Key levels:

NZD/USD, D1

Pivot: 0.6597

Analysis:

While the price is above 0.6500, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6597
• Take Profit 1: 0.6730
• Take Profit 2: 0.6815

Alternative scenario:

If the level 0.6500 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6500
• Take Profit 1: 0.6370
• Take Profit 2: 0.6265

Comment:

RSI shows further uptrend development.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

USD /CHF – buy above 0.9110 with 0.9145 and 0.9160 as Take Profit targets. Alternative scenario - if the level of 0.9110 is broken-down, you should consider selling with the targets 0.9085 and 0.9060 as Take Profit.
GBP/USD - short positions below 1.3100 with 1.3040 and 1.3020 targets as Take Profit. Alternative scenario - if the level of 1.3100 is broken-out, buy with the targets 1.3130 and 1.3160 as Take Profit.
EUR/USD - sell below 1.1805 with 1.1770 and 1.1755 targets as Take Profit. Alternative scenario - if the level 1.1805 is broken-out, buy with the TP 1.1835 and 1.1860.