Current trend

This week, the pair is trading in a narrow price range near local lows.

Yesterday morning, the instrument climbed 60 points, breaking the psychological level of 0.6800. However, in the afternoon, the progress was rolled back due to the release of positive data on retail sales (despite a slowdown in wages) in the US. In addition, the volume of industrial production in June rose by 0.6%.

At the same time, commodity currencies suffer from the slowdown of China's economy and the weakening of the yuan. Published yesterday in New Zealand, Consumer Price statistics reflected the expected decline in growth, due to falling prices for food and raw materials.

Today at 14:30 (GMT+2) the data on the real estate market will be published in the US. The key event of Wednesday is the speech of the head of the Fed Jerome Powell, who has expressed confidence in the economy and adhered to the "hawkish" views on the interest rate during the year.

Support and resistance

In the H4 chart, the instrument could not break out the moving average of Bollinger Bands and started to decrease. The indicator is directed horizontally and the price range is steady, which indicates further correction. MACD histogram is correcting in the neutral zone. Stochastic entered the oversold area; a strong buy signal can be generated during the day.

Support levels: 0.6762, 0.6730, 0.6692, 0.6669.

Resistance levels: 0.6790, 0.6825, 0.6845, 0.6875, 0.6903, 0.6933.

Trading tips

Short positions may be opened from the current level with targets at 0.6700, 0.6675 and stop loss at 0.6805.

Long positions may be opened above the level of 0.6800 with target at 0.6840 and stop loss at 0.6785.

Implementation period: 1-2 days.

New Zealand Dollar vs US Dollar

BuySellSpread
0.659310.6589635

Scenario

TimeframeDay's Range
RecommendationsSELL
Entry Point0.6751
Take Profit0.6700, 0.6675
Stop Loss0.6800
Support levels0.6669, 0.6692, 0.6730, 0.6762, 0.6790, 0.6825, 0.6845, 0.6875, 0.6903, 0.6933

Alternative scenario

RecommendationsBUY STOP
Entry Point0.6805
Take Profit0.6840
Stop Loss0.6785
Support levels0.6669, 0.6692, 0.6730, 0.6762, 0.6790, 0.6825, 0.6845, 0.6875, 0.6903, 0.6933
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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