Source: PaxForex Premium Analytics Portal, Fundamental Insight
At the end of this week's monetary policy meeting, the central bank of New Zealand will maintain the status quo and leave its key interest rate at 0.25%. It is more likely that the central bank will apply additional measures of quantitative easing.
NZD/USD, 30 min
Pivot: 0.7088
Analysis:
Provided that the currency pair is traded above 0.7057, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7088
- Take Profit 1: 0.7125
- Take Profit 2: 0.7142
Alternative scenario:
In case of breakdown of the level 0.7057, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7057
- Take Profit 1: 0.7028
- Take Profit 2: 0.7011
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7159 | 0.7057 |
| 0.7142 | 0.7028 |
| 0.7125 | 0.7011 |
NZD/USD, D1
Pivot: 0.7041
Analysis:
While the price is above 0.6847, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7041
- Take Profit 1:0.7275
- Take Profit 2:0.7392
Alternative scenario:
In case of breakdown of the level 0.6847, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6847
- Take Profit 1: 0.6651
- Take Profit 2: 0.6535
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7509 | 0.6847 |
| 0.7392 | 0.6651 |
| 0.7275 | 0.6535 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.1935 with 1.1990 and 1.2010 targets as Take Profit. Alternative scenario - if the level 1.1935 is broken-down, sell with the TP 1.1920 and 1.1905.
GBP/USD - long positions above 1.3740 with 1.3800 and 1.3820 targets as Take Profit. Alternative scenario - if the level of 1.3740 is broken-down, sell with the targets 1.3725 and 1.3710 as Take Profit.
AUD/USD – buy above 0.7630 with 0.7695 and 0.7630 as Take Profit targets. Alternative scenario - if the level of 0.7630 is broken-down, you should consider selling with the targets 0.7610 and 0.76590 as Take Profit.
