Current trend

On Friday, the pair received support  against the backdrop of the release of negative data from the US labor market.

In April, the indicator of the number of non-farm jobs, although growing compared with March, but did not reach the forecasts, amounting to 164K. The average hourly wage remained at the same level of 2.6% instead of growth. But the unemployment rate fell from 4.1% to 3.9%. After a short correction, the pair returned to the decline, trading around the December lows.

Today, in the absence of significant macroeconomic releases, traders should pay attention to the speeches of the Fed representatives. The market is expected to be moderately volatile.

Support and resistance

On the D1 chart, the pair is trading between the middle and the lower lines of Bollinger Bands, the price range is widened, which indicates a possible continuation of the downtrend. MACD histogram is in the negative zone maintaining a signal for the opening of short positions.

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 may be opened from the level of 0.6975 with target at 0.6920 and stop-loss at 0.7010.

Long positions may be opened from the level of 0.7070 with target at 0.7150 and stop-loss at 0.7030.

Implementation period: 1-3 days.

New Zealand Dollar vs US Dollar

BuySellSpread
0.683760.6834828

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point0.6975
Take Profit0.6920
Stop Loss0.7010
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 Point0.7070
Take Profit0.7150
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
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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