Source: PaxForex Premium Analytics Portal, Technical Insight

In June, New Zealand Gross Domestic Product declined 12.2%, the largest quarterly decline since 1987.

NZD/USD, 30 min

Pivot: 0.6786

Analysis:

Provided that the currency pair is traded above 0.6749 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6786
• Take Profit 1: 0.6823
• Take Profit 2: 0.6841

Alternative scenario: 

In case of breakdown of the level 0.6749 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6749
• Take Profit 1: 0.6719
• Take Profit 2: 0.6701

Comment:

RSI above 70. It could mean either that the pair is in a prolonged uptrend, or that it is overbought and therefore needs to correct (note the bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 moving averages (by 0.6761 and 0.6733 respectively). Finally, the NZD/USD crossed its upper Bollinger band (0.6784).

Key levels:

NZD/USD, D1

Pivot: 0.6727

Analysis:

While the price is above 0.6519, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6727
• Take Profit 1: 0.6980
• Take Profit 2: 0.7114

Alternative scenario:

If the level 0.6519 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6519
• Take Profit 1: 0.6312
• Take Profit 2: 0.6189

Comment:

RSI shows an uptrend in the medium term.

Key levels

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD - buy above 1.1820 with 1.1875 and 1.1900 targets as Take Profit. Alternative scenario - if the level 1.1820 is broken-down, sell with the TP 1.1790 and 1.1770.
GBP/USD - short positions below 1.2995 with 1.2920 and 1.2890 targets as Take Profit. Alternative scenario - if the level of 1.2995 is broken-out, buy with the targets 1.3035 and 1.3065 as Take Profit.
USD /CHF – sell below 0.9105 with 0.9065 and 0.9050 as Take Profit targets. Alternative scenario - if the level of 0.9105 is broken-out, you should consider buying with the targets 0.9120 and 0.9140 as Take Profit.