Source: PaxForex Premium Analytics Portal, Technical Insight
The NZD/USD pair has dropped below 0.6250 as the National Bureau of Statistics of China has reported weaker-than-anticipated annual Retail Sales (April) data..
NZD/USD,D1
Pivot: 0.6244
Analysis:
While the price is above 0.6130, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6244
- Take Profit 1: 0.6385
- Take Profit 2: 0.6500
Alternative scenario:
If the level 0.6130 is broken-down, follow the recommendations below::
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6130
- Take Profit 1: 0.6070
- Take Profit 2: 0.6000
Comment:
RSI shows the development of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.6600 | 0.6130 |
| 0.6500 | 0.6070 |
| 0.6385 | 0.6000 |
