Source: PaxForex Premium Analytics Portal, Technical Insight
According to the Standard and Poor's rating agency, the federal budget of New Zealand presented today confirmed the expectations of S&P and became the confirmation that the economy of this country is recovering faster than most other developed economies.
NZD/USD, 30 min
Pivot: 0.7164
Analysis:
Provided that the currency pair is traded above 0.7135, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7164
- Take Profit 1: 0.7205
- Take Profit 2: 0.7224
Alternative scenario:
In case of breakdown of the level 0.7135, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7135
- Take Profit 1: 0.7104
- Take Profit 2: 0.7086
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7243 | 0.7135 |
| 0.7224 | 0.7104 |
| 0.7205 | 0.7086 |
NZD/USD, D1
Pivot: 0.7167
Analysis:
While the price is above 0.7110, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7167
- Take Profit 1: 0.7300
- Take Profit 2: 0.7455
Alternative scenario:
In case of breakdown of the level 0.7110, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7110
- Take Profit 1: 0.7025
- Take Profit 2: 0.6940
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7580 | 0.7110 |
| 0.7455 | 0.7025 |
| 0.7300 | 0.6940 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.2195 with 1.2145 and 1.2130 targets as Take Profit. Alternative scenario - if the level 1.2195 is broken-out, buy with the TP 1.2210 and 1.2230.
GBP/USD - short positions below 1.4165 with 1.4115 and 1.4100 targets as Take Profit. Alternative scenario - if the level of 1.4165 is broken-out, buy with the targets 1.4190 and 1.4210 as Take Profit.
AUD/USD – sell below 0.7745 with 0.7695 and 0.7680 as Take Profit targets. Alternative scenario - if the level of 0.7745 is broken-out, you should consider buying with the targets 0.7760 and 0.7780 as Take Profit.
