Source: PaxForex Premium Analytics Portal, Technical Insight

The Reserve Bank of New Zealand (RBNZ) may not need to cut interest rates after New Zealand's consumer price index unexpectedly rose in the fourth quarter, Bloomberg reported, citing Jarrod Kerr, chief economist at Kiwibank in Auckland.

NZD/USD, 30 min

Pivot: 0.7210

Analysis:

Provided that the currency pair is traded above 0.7185, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7210
• Take Profit 1: 0.7245
• Take Profit 2: 0.7262

Alternative scenario: 

In case of breakdown of the level 0.7185, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7185
• Take Profit 1: 0.7156
• Take Profit 2: 0.7139

Comment:

RSI is above its neutral area at 50. MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (0.7188 and 0.7185, respectively).

Key levels:

NZD/USD, D1

Pivot: 0.7181

Analysis:

While the price is above 0.7080, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7181
• Take Profit 1: 0.7310
• Take Profit 2: 0.7400

Alternative scenario:

If the level 0.7080 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7080
• Take Profit 1: 0.7000
• Take Profit 2: 0.6900

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 1.2155 with 1.2220 and 1.2235 targets as Take Profit. Alternative scenario - if the level 1.2155 is broken-down, sell with the TP 1.2135 and 1.2115.
GBP/USD - long positions above 1.3675 with 1.3740 and 1.3760 targets as Take Profit. Alternative scenario - if the level of 1.3675 is broken-down, sell with the targets 1.3655 and 1.3635 as Take Profit.
AUD/USD – buy above 0.7705 with 0.7750 and 0.7770 as Take Profit targets. Alternative scenario - if the level of 0.7705 is broken-down, you should consider selling with the targets 0.7685 and 0.7670 as Take Profit.