Current trend

Today, the pair demonstrates a positive trend against the background of a reduction in the trade deficit of New Zealand in October to –1.295 billion dollars, against the previous value of –1.596 billion. In annual terms, the trade deficit increased to –5.79 billion.

American investors are focused on preparations for the meeting of US President Donald Trump and Chinese President Xi Jinping at the G20 summit in Argentina. During the month, investors have been receiving a lot of contradictory information about this. The day before, Trump encouraged investors again, saying that China is ready to make a deal. Vice Minister of Commerce of PRC Wang Shouwen, in turn, noted that the American and Chinese trade representatives are in close contact. At the moment, the market is set to a positive outcome of the negotiations.

Today, traders should pay attention to the publication of House Price Index in the US (16:00 GMT+2). The market is expected to be moderately volatile.

Support and resistance

On the H4 chart, the instrument is trading at the center line of Bollinger Bands. MACD histogram is in the positive area keeping a signal for the opening of long positions.

Resistance levels: 0.6800, 0.6820, 0.6840, 0.6853, 0.6882.

Support levels: 0.6767, 0.6745, 0.6720, 0.6700, 0.6645, 0.6610.

Trading tips

Long positions may be opened from the current level with target at 0.6880 and stop loss at 0.6720.

Short positions may be opened from 0.6700 with target at 0.6645 and stop loss at 0.6730.

Implementation time: 1-3 days.

New Zealand Dollar vs US Dollar

BuySellSpread
0.680320.67912120

Scenario

TimeframeDay's Range
RecommendationsBUY
Entry Point0.6781
Take Profit0.6880
Stop Loss0.6720
Support levels0.6610, 0.6645, 0.6700, 0.6720, 0.6745, 0.6767, 0.6800, 0.6820, 0.6840, 0.6853, 0.6882

Alternative scenario

RecommendationsSELL STOP
Entry Point0.6700
Take Profit0.6645
Stop Loss0.6730
Support levels0.6610, 0.6645, 0.6700, 0.6720, 0.6745, 0.6767, 0.6800, 0.6820, 0.6840, 0.6853, 0.6882
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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