Source: PaxForex Premium Analytics Portal, Technical Insight

As US employment and inflation rates are still far from target, the Fed must reiterate its support for the economy. Thus, the outcome of the FOMC meeting may increase the risk appetite. Of course, RBNZ is unlikely to tolerate NZD growth for a long time, but if it does something, it will be later.

NZD/USD, 30 min

Pivot: 0.6419

Analysis:

Provided that the currency pair is traded above 0.6387 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6437
• Take Profit 1: 0.6506
• Take Profit 2: 0.6528

Alternative scenario: 

In case of breakdown of the level 0.6468 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6468
• Take Profit 1: 0.6387
• Take Profit 2: 0.6364

Comment:

RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 0.6446 and 0.6459).

Key levels:

NZD/USD, D1

Pivot: 0.6266

Analysis:

While the price is above 0.6241, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6452
• Take Profit 1: 0.6824
• Take Profit 2: 0.6982

Alternative scenario:

If the level 0. 6241 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6241
• Take Profit 1: 0.5978
• Take Profit 2: 0.5821

Comment:

RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 0.6336 and 0.6160.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

AUD/USD – sell below 0.6900 with 0.6830 and 0.6790 as Take Profit targets. Alternative scenario - if the level of 0.6900 is broken-out, you should consider buying with the targets 0.6935 and 0.6955 as Take Profit.
USD/CAD - short positions below 1.3580 with 1.3510 and 1.3480 targets as Take Profit. Alternative scenario - if the level of 1.3580 is broken-out, buy with the targets 1.3610 and 1.3640 as Take Profit.
EUR/USD – sell below 1.1285 with 1.1245 and 1.1225 as Take Profit targets. Alternative scenario - if the level 1.1285 is broken-out, you should consider buying with the targets 1.1305 and 1.1325 as Take Profit.