Current trend

Today, the pair is showing correctional growth, which in the absence of any important data from New Zealand is determined by the technical factors. The price remains in the region of its December 2017 lows, having been showing decline for the last 3 weeks.

The US Fed left an interest rate unchanged at 1.75% yesterday. Investors’ expectations of a rate increase at the June meeting of the regulator, at the same time, remained unchanged too.

Today traders should pay attention to data from the US on the Initial and Continuous Jobless Claims (2:30pm GMT+2) and to the Markit Services PMI (3:45pm GMT+2).

Support and resistance

On the daily chart, the pair is trading near the lower line of the Bollinger Bands. The price range is widened which suggests a continuation of the downward movement. The MACD histogram is in the negative zone, keeping a sell signal.

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

Resistance levels: 0.7030, 0.7050, 0.7070, 0.7100, 0.7130, 0.7150, 0.7170, 0.7200.

Trading tips

Short positions can be opened from the level of 0.7000 with the target at 0.6920 and stop-loss at 0.7030. Validity – 1-3 days.

Long positions can be opened form the level of 0.7050 with the target at 0.7100 and stop-loss at 0.7020. Validity – 1-3 days.

New Zealand Dollar vs US Dollar

BuySellSpread
0.681590.68057102

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point0.7000
Take Profit0.6920
Stop Loss0.7030
Support levels0.6900, 0.6920, 0.6950, 0.6975, 0.7000, 0.7030, 0.7050, 0.7070, 0.7100, 0.7130, 0.7150, 0.7170, 0.7200

Alternative scenario

RecommendationsBUY STOP
Entry Point0.7050
Take Profit0.7100
Stop Loss0.7020
Support levels0.6900, 0.6920, 0.6950, 0.6975, 0.7000, 0.7030, 0.7050, 0.7070, 0.7100, 0.7130, 0.7150, 0.7170, 0.7200
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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