Source: PaxForex Premium Analytics Portal, Technical Insight
The RBNZ will raise rates by 25 bps on Wednesday. - Reuters poll.
NZD/USD,D1
Pivot: 0.7040
Analysis:
While the price is below 0.7085, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7040
- Take Profit 1: 0.6880
- Take Profit 2: 0.6800
Alternative scenario:
If the level 0.7085 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7085
- Take Profit 1: 0.7160
- Take Profit 2: 0.7240
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7240 | 0.6880 |
| 0.7160 | 0.6800 |
| 0.7085 | 0.6650 |
