Current trend

The pair shows a decline for 8 days already.

Yesterday, the downward movement was due to the strengthening of the US dollar, which ignored the decline in the yield of government bonds. Statistics from the United States were better than expected, which was a favorable factor for the USD. The number of Continuous Jobless Claims (from April 13) was 1.837 million, the number of Initial Jobless Claims (from April 20) was 209K, which indicates the strength of the labor market, positively affecting the exchange rate of the American currency.

Released today, negative data on New Zealand's trade balance increased pressure on the pair: the instrument is traded around the four-month lows.

Support and resistance

On the H4 chart, the pair is decreasing along the lower border of Bollinger Bands. MACD histogram is in the negative zone keeping a signal for the opening of short positions.

Support levels: 0.7050, 0.7030, 0.7000, 0.6975, 0.6950, 0.6920, 0.6900.

Resistance levels: 0.7100, 0.7130, 0.7150, 0.7170, 0.7200, 0.7220.

Trading tips

Short positions may be opened from the current level with the target at 0.7000 and stop-loss at 0.7080.

Long positions may be opened from the level of 0.7100 with targets at 0.7150 and stop-loss at 0.7070.

Implementation time: 1-3 days.

New Zealand Dollar vs US Dollar

BuySellSpread
0.679920.6796725

Scenario

TimeframeDay's Range
RecommendationsSELL
Entry Point0.7058
Take Profit0.7000
Stop Loss0.7080
Support levels0.6900, 0.6920, 0.6950, 0.6975, 0.7000, 0.7030, 0.7050, 0.7100, 0.7130, 0.7150, 0.7170, 0.7200, 0.7220

Alternative scenario

RecommendationsBUY STOP
Entry Point0.7100
Take Profit0.7150
Stop Loss0.7070
Support levels0.6900, 0.6920, 0.6950, 0.6975, 0.7000, 0.7030, 0.7050, 0.7100, 0.7130, 0.7150, 0.7170, 0.7200, 0.7220
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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