Current trend

This week, the NZD/USD pair is slightly growing, consolidating near the psychological level of 0.6700.

USD stabilizes after Friday's controversial speech by Fed Chairman Jerome Powell. It was supported by the new trade agreement with Mexico, which should replace the agreement on the North American Free Trade Area (NAFTA). It is predicted that by the end of this week, Canada can join the agreement.

The pair can strengthen if the US and China are interested in a quick settlement of the trade dispute, which is unlikely, given the position of US President Trump.

Today market participants are cautious before publishing US Q2 GDP data Core Personal Consumption Expenditures release at 14:30 (GMT+2).

Support and resistance

On the 4-hour chart, the instrument tests support level of 0.6690. Bollinger bands are reversed upwards, and the price range has decreased, reflecting a resumption of growth from the current level. MACD histogram keeps a buy signal. Stochastic does not give clear signals for opening positions.

Resistance levels: 0.6730, 0.6780, 0.6836, 0.6877, 0.6913, 0.6970.

Support levels: 0.6540, 0.6576, 0.6638, 0.6690.

Trading tips

Short positions can be opened below the level of 0.6680 with the targets at 0.6620, 0.6600 and stop loss at 0.6715. Implementation period: 1–2 days.

Long positions can be opened above the level of 0.6735 with the target at 0.6780 and stop loss 0.6720. Implementation period: 1–3 days.

New Zealand Dollar vs US Dollar

BuySellSpread
0.668840.66764120

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point0.6675
Take Profit0.6620, 0.6600
Stop Loss0.6715
Support levels0.6540, 0.6576, 0.6638, 0.6690, 0.6730, 0.6780, 0.6836, 0.6877, 0.6913, 0.6970

Alternative scenario

RecommendationsBUY STOP
Entry Point0.6740
Take Profit0.6780
Stop Loss0.6720
Support levels0.6540, 0.6576, 0.6638, 0.6690, 0.6730, 0.6780, 0.6836, 0.6877, 0.6913, 0.6970
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.

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