Source: PaxForex Premium Analytics Portal, Technical Insight
The Reserve Bank of New Zealand (RBNZ) will report policy changes in the coming week. There is a high probability that the RBNZ will raise the rate by 50 bps, which creates upside risks for the NZD, MUFG economists report.
NZD/USD,D1
Pivot: 0.6708
Analysis:
While the price is above 0.6540, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6708
- Take Profit 1: 0.6810
- Take Profit 2: 0.6890
Alternative scenario:
If the level 0.6540 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6540
- Take Profit 1: 0.6440
- Take Profit 2: 0.6350
Comment:
RSI shows the development of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7065 | 0.6540 |
| 0.6890 | 0.6440 |
| 0.6810 | 0.6350 |
