NZD/USD | New Zealand Dollar to US Dollar Trading Analysis

Source: PaxForex Premium Analytics Portal, Technical Insight

As stated by the president of the Federal Reserve Bank of San Francisco M. Daly:

• The U.S. economy still needs support, it still has a long way to go before it reaches target levels;
• Expects the economy to bounce back strongly in the fall and then slow down;
• Refuses to answer when she expects rate hikes to begin; "we will need a lot of patience."
• Doesn't note much pressure on wages at all;
• We're not going to roll back stimulus in advance;
• We will wait until inflation reaches target levels on a sustainable basis;
• Inflation may be too low rather than too high in the next 10 years.

NZD/USD, 30 min

Pivot: 0.6981

Analysis:

Provided that the currency pair is traded above 0.6950, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6981
• Take Profit 1: 0.7020
• Take Profit 2: 0.7039

Alternative scenario: 

In case of breakout of the level 0.6950, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6950 
• Take Profit 1: 0.6918
• Take Profit 2: 0.6899

Comment:

RSI shows the possibility of an uptrend during the day.

Key levels:

NZD/USD, D1

Pivot: 0.7066

Analysis:

While the price is below 0.7312, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7066
• Take Profit 1:0.6787
• Take Profit 2:0.6654

Alternative scenario: 

In case of breakout of the level 0.7312, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7312
• Take Profit 1: 0.7538
• Take Profit 2: 0.7673

Comment:

RSI shows a downtrend in the medium term.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD – sell below 1.1840  with 1.1780 and 1.1760 targets as Take Profit. Alternative scenario - if the level 1.1840 is broken-out, buy with the TP 1.1860 and 1.1880.
GBP/USD - short positions below 1.3730 with 1.3650 and 1.3630 targets as Take Profit. Alternative scenario - if the level of 1.3730 is broken-out, buy with the targets 1.3750 and 1.3770 as Take Profit.
AUD/USD – sell below 0.7630 with 0.7575 and 0.7560 as Take Profit targets. Alternative scenario - if the level of0.7630 is broken-out, you should consider buying with the targets 0.7655 and 0.7685 as Take Profit.