Current trend

NZD fell in price against the US currency on the background of negative economic data from China, where reports on GDP for the first quarter and industrial production were below expectations.

Data from the US were positive for USD. Published on Tuesday, March data from the US construction market were stronger than expected.  The indicator of the number of new homes bookings increased from 1.295 million to 1.319 million and the number of issued construction permits increased from 1.321 million to 1.354 million. Industrial production grew by 0.5%.

Rising prices for dairy products in New Zealand could support NZD, but the currency ignored the increase in the index, continuing the decline.

Support and resistance

In H4 chart, the pair reached the lower boundary of Bollinger Bands, the price range expanded, and the downward trend persisted.

MACD histogram is in the negative zone, gradually increasing volumes, the signal line is about to cross the zero mark from above, after which a signal will be received to open short positions.

Support levels: 0.7315, 0.7300, 0.7280, 0.7258, 0.7245, 0.7225, 0.7210, 0.7188.

Resistance levels: 0.7335, 0.7360, 0.7380, 0.7400, 0.7425.

Trading tips

Short positions may be opened from the current level with target at 0.7260 and stop-loss at 0.7350.

Long positions may be opened from the level of 0.7365 with target at 0.7425 and stop-loss at 0.7335.

Implementation period: 1-3 days.

New Zealand Dollar vs US Dollar

BuySellSpread
0.683760.6835125

Scenario

TimeframeDay's Range
RecommendationsSELL
Entry Point0.7314
Take Profit0.7260
Stop Loss0.7350
Support levels0.7188, 0.7210, 0.7225, 0.7245, 0.7258, 0.7280, 0.7300, 0.7315, 0.7335, 0.7360, 0.7380, 0.7400, 0.7425

Alternative scenario

RecommendationsBUY STOP
Entry Point0.7365
Take Profit0.7425
Stop Loss0.7335
Support levels0.7188, 0.7210, 0.7225, 0.7245, 0.7258, 0.7280, 0.7300, 0.7315, 0.7335, 0.7360, 0.7380, 0.7400, 0.7425
NZD/USD: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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