Source: PaxForex Premium Analytics Portal, Technical Insight

BlueScope can close its operations in New Zealand. According to Argus Media, the Australian company BlueScope Steel may cease its steel production in New Zealand, but hopes that the focus on local supply chains will support its steel business in Australia and the United States.

NZD/USD, 30 min

Pivot: 0.6625

Analysis:

Provided that the currency pair is traded above 0.6603 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.6625
• Take Profit 1: 0.6657
• Take Profit 2: 0.6671

Alternative scenario: 

In case of breakdown of the level 0.6603 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.6603
• Take Profit 1: 0.6579
• Take Profit 2: 0.6565

Comment:

RSI above 50. MACD is positive and below its signal line. The pair may roll back. Moreover, the pair is above its 20 and 50 MA (0.6624 and 0.6592 respectively).

Key levels:

NZD/USD, D1

Pivot: 0.6521

Analysis:

While the price is below 0.6665, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6521
• Take Profit 1: 0.6321
• Take Profit 2: 0.6226

Alternative scenario:

If the level 0.6665 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6665
• Take Profit 1: 0.6825
• Take Profit 2: 0.6921

Comment:

RSI is below 50. MACD is negative and below the signal line. The configuration is negative. Moreover, the pair is below its 20 and 50 moving averages (0.6591 and 0.6556 respectively).

Key levels

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

EUR/USD - buy above 1.1810 with 1.1850 and 1.1870 targets as Take Profit. Alternative scenario - if the level 1.1810 is broken-down, sell with the TP 1.1790 and 1.1770.
GBP/USD - long positions above 1.3160 with 1.3225 and 1.3255 targets as Take Profit. Alternative scenario - if the level of 1.3160 is broken-down, sell with the targets 1.3140 and 1.3115 as Take Profit.
USD /CHF – sell below 0.9095 with 0.9060 and 0.9040 as Take Profit targets. Alternative scenario - if the level of 0.9095 is broken-out, you should consider buying with the targets 0.9120 and 0.9135 as Take Profit.