NZD/USD | New Zealand Dollar to US Dollar Trading Analysis

Source: PaxForex Premium Analytics Portal, Technical Insight

According to Reuters, the deputy head of the Federal Reserve Bank R. Clarida said during a speech:

• It's not yet time to wind down the support the Fed has provided to the economy;
• We'll be watching wage, compensation, and productivity trends;
• We have not yet made significant progress on our labor market goals;
• The latest jobs report reaffirmed the Fed's data-driven approach;
• We will evaluate the data coming in this year and give the markets advance notice of any decision to roll back QE;
• We will prudently accumulate more data before making a decision;
• The economy is recovering at an uneven pace;
• The Fed's patience with inflation is not infinite; inflation expectations must remain contained.

NZD/USD, 30 min

Pivot: 0.7161

Analysis:

Provided that the currency pair is traded above 0.7134, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7161
• Take Profit 1: 0.7193
• Take Profit 2: 0.7209

Alternative scenario: 

In case of breakdown of the level 0.7134, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.7134 
• Take Profit 1: 0.7108
• Take Profit 2: 0.7093

Comment:

RSI shows the possibility of an uptrend during the day.

Key levels:

NZD/USD, D1

Pivot: 0.7253

Analysis:

While the price is above 0.7065, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7253
• Take Profit 1: 0.7300
• Take Profit 2: 0.7455

Alternative scenario: 

In case of breakdown of the level 0.7065, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7065 
• Take Profit 1: 0.6940
• Take Profit 2: 0.6800

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 – sell below 1.2100 with 1.2050 and 1.2030 targets as Take Profit. Alternative scenario - if the level 1.2100 is broken-out, buy with the TP 1.2115 and 1.2135.
GBP/USD - short positions below 1.4095 with 1.4015 and 1.3975 targets as Take Profit. Alternative scenario - if the level of 1.4095 is broken-out, buy with the targets 1.4125 and 1.4150 as Take Profit.
AUD/USD – sell below 0.7760 with 0.7670 and 0.7640 as Take Profit targets. Alternative scenario - if the level of 0.7760 is broken-out, you should consider buying with the targets 0.7790 and 0.7815 as Take Profit.