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: