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

Source: PaxForex Premium Analytics Portal, Technical Insight

NZD/USD recovers some lost ground near 0.5980 following Chinese data.

NZD/USD,D1

Pivot: 0.5979

Analysis:

While the price is above 0.6120, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.5979
• Take Profit 1: 0.5900
• Take Profit 2: 0.5800

Alternative scenario:

If level 0.6120 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6120
• Take Profit 1: 0.6250
• Take Profit 2: 0.6340

Comment:

RSI shows the development of a downtrend in the medium term.

Key levels: