Current trend

On Wednesday, the US celebrated Independence Day, the exchanges were closed, so USD movement was of a technical nature.

This week, the NZD/USD pair has renewed its lows since the end of May 2016, but could not consolidate below the psychological level of 0.6700. Last Monday, the US published negative Prices Paid statistics, which saved the pair from further decline, despite the decline in dairy products prices in New Zealand.

On Thursday, the key event is FOMC Minutes publication at 20:00 (GMT+2). In addition, at 14:30 (GMT+2) US labor market data will be released, and at 15:45 (GMT+2) June Markit PMI releases are expected. Investors are waiting for Friday when the June data on the US labor market and Retail Sales will be published and mutual trade duties on goods produced in China and the US will come into force.

Support and resistance

On the daily chart, the instrument was corrected to the lower border of Bollinger bands. The indicator is pointing down, and the price range has widened, indicating further downward dynamics. MACD histogram is in the negative area, keeping a strong sell signal. Stochastic left the oversold area, forming a buy signal.

Resistance levels: 0.6803, 0.6921, 0.6941, 0.7005, 0.7057.

Support levels: 0.6745, 0.6671, 0.6635, 0.6580.

Trading tips

Short positions can be opened below the level of 0.6670 with the targets at 0.6600, 0.6580 and stop loss 0.6700. Implementation period: 2–4 days.

Long positions can be opened above the level of 0.6845 with the target at 0.7055 and stop loss 0.6790. Implementation period: 1–3 days.

New Zealand Dollar vs US Dollar

BuySellSpread
0.678690.6782247

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point0.6665
Take Profit0.6600, 0.6580
Stop Loss0.6700
Support levels0.6580, 0.6635, 0.6671, 0.6745, 0.6803, 0.6921, 0.6941, 0.7005, 0.7057

Alternative scenario

RecommendationsBUY STOP
Entry Point0.6850
Take Profit0.7055
Stop Loss0.6790
Support levels0.6580, 0.6635, 0.6671, 0.6745, 0.6803, 0.6921, 0.6941, 0.7005, 0.7057
NZD/USD: general analysis

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.

Start Trading
Follow us in social networks!
Live Chat
Leave feedback