Source: PaxForex Premium Analytics Portal, Technical Insight
The world markets continue trading near record highs; nevertheless, the currency market is clearly entering a phase of caution ahead of the Fed meeting in the middle of the week.
NZD/USD, D1
Pivot: 0.7135
Analysis:
While the price is below 0.7290, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7135
- Take Profit 1: 0.7000
- Take Profit 2: 0.6940
Alternative scenario:
If the level 0.7290 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7290
- Take Profit 1: 0.7385
- Take Profit 2: 0.7465
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7465 | 0.7000 |
| 0.7385 | 0.6940 |
| 0.7290 | 0.6850 |
