Source: PaxForex Premium Analytics Portal, Technical Insight
The NZD/USD started the new week under pressure and fell to a 3 week low at 0.7006 and then rebounded moderately.
NZD/USD,D1
Pivot: 0.7022
Analysis:
While the price is below 0.7170, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7022
- Take Profit 1: 0.6940
- Take Profit 2: 0.6875
Alternative scenario:
If the level 0.7170 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7170
- Take Profit 1: 0.7240
- Take Profit 2: 0.7320
Comment:
RSI shows the development of a downtrend in the medium term.
Key levels:
Resistance | Support |
0.7320 | 0.6940 |
0.7240 | 0.6875 |
0.7170 | 0.6800 |