Source: PaxForex Premium Analytics Portal, Technical Insight

According to the head of the Central Bank of New Zealand A. Orr:

• He is aware of the asset price inflation;

• RBNZ should act with a focus on the medium term;

• Monetary policy has its limits;

• Under the QE program, the Central Bank still has a significant amount of space for further maneuvers;

• It is better to deal with inflation than with deflation.

NZD/USD, 30 min

Pivot: 0.6681

Analysis:

Provided that the currency pair is traded below 0.6703, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6681
• Take Profit 1: 0.6646
• Take Profit 2: 0.6631

Alternative scenario: 

In case of breakout of the level 0.6703, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6703
• Take Profit 1: 0.6729
• Take Profit 2: 0.6745

Comment:

RSI is below its neutral area at 50. MACD is below its signal line and positive. The MACD must break through the zero line to expect further decrease. Moreover, the pair is below its 20 MA (0.6684), but above its 50 MA (0.6680).

Key levels:

NZD/USD, D1

Pivot: 0.6679

Analysis:

While the price is below 0.6700, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6679
• Take Profit 1: 0.6550
• Take Profit 2: 0.6485

Alternative scenario:

If the level 0.6700 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6700
• Take Profit 1: 0.6795
• Take Profit 2: 0.6900

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 1.1860 with 1.1805 and 1.1790 targets as Take Profit. Alternative scenario - if the level 1.1860 is broken-out, buy with the TP 1.1880 and 1.1805.
GBP/USD - short positions below 1.3060 with 1.2985 and 1.2955 targets as Take Profit. Alternative scenario - if the level of 1.3060 is broken-out, buy with the targets 1.3090  and 1.3125 as Take Profit.
AUD/USD – sell below 0.7140 with 0.7085 and 0.7070 as Take Profit targets. Alternative scenario - if the level of 0.7140 is broken-out, you should consider buying with the targets 0.7155 and 0.7170 as Take Profit.