Source: PaxForex Premium Analytics Portal, Technical Insight
Market participants are actively monitoring the RBNZ meeting to be held on Wednesday (the bank's rate decision will be published at 01:00 GMT). It is not ruled out that the RBNZ leaders will decide to raise the interest rate again.
NZD/USD,D1
Pivot: 0.6926
Analysis:
While the price is below 0.7160, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6926
- Take Profit 1: 0.6900
- Take Profit 2: 0.6855
Alternative scenario:
If the level 0.7160 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7160
- Take Profit 1: 0.7225
- Take Profit 2: 0.7300
Comment:
RSI shows the development of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7300 | 0.6900 |
| 0.7225 | 0.6855 |
| 0.7160 | 0.6800 |
