Current trend

Last week, the NZD/USD pair strengthened moderately due to the weakening of USD dollar after the release of negative US Consumer Price Index release. In addition, the instrument was supported by a substantial increase in China’s trade surplus on Friday.

Investors are waiting for the publication of data on US Retail Sales, which will be released today at 14:30 (GMT+2). The index is expected to grow to 0.7% in September from 0.1% a month earlier. Confirmation of the forecast can support USD.

Support and resistance

On the 4-hour chart, the instrument was corrected to MA of Bollinger bands, which is a key support. The indicator is reversing sideways, and the price range remains unchanged, confirming the correction dynamics. MACD histogram keeps a weak buy signal. Stochastic has left the oversold area, forming a strong buy signal.

Resistance Levels: 0.6514, 0.6540, 0.6570, 0.6608, 0.6646.

Support Levels: 0.6494, 0.6479, 0.6446, 0.6423.

Trading tips

Short positions can be opened below the level of 0.6490 with the target at 0.6425 and stop loss 0.6518. Implementation period: 1–2 days.

Long positions can be opened above the level of 0.6520 with the target at 0.6560 and stop loss at 0.6505. Implementation period: 1 day.

New Zealand Dollar vs US Dollar

BuySellSpread
0.680320.67912120

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point0.6485
Take Profit0.6425
Stop Loss0.6518
Support levels0.6423, 0.6446, 0.6479, 0.6494, 0.6514, 0.6540, 0.6570, 0.6608, 0.6646

Alternative scenario

RecommendationsBUY
Entry Point0.6522
Take Profit0.6560
Stop Loss0.6505
Support levels0.6423, 0.6446, 0.6479, 0.6494, 0.6514, 0.6540, 0.6570, 0.6608, 0.6646
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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