Source: PaxForex Premium Analytics Portal, Technical Insight

New Zealand GDP beat all forecasts: +1.6% q/q vs forecast of +0.5%.

NZD/USD,D1

Pivot: 0.7140

Analysis:

While the price is below 0.7328, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7140
• Take Profit 1:  0.6877
• Take Profit 2: 0.6751

Alternative scenario:

If the level 0.7328 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7328
• Take Profit 1: 0.7540
• Take Profit 2: 0.7667

Comment:

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

Key levels: