Current trend

At the beginning of the week, the volatility in the NZD/USD pair was very low. Though the USD was trying to strengthen, the NZD managed to more or less hold its positions.

The US dollar got moderate support from Manufacturing PMI statistics. In October, the indicators remained almost unchanged, compared to the previous month, but, nevertheless, came in slightly above the forecasts.

The NZ dollar, at present, lacks support from macroeconomic indicators, but labor market statistics for the third quarter is due on Wednesday in New Zealand.

Support and resistance

Bollinger Bands indicator on the daily chart is directed horizontally, while the price range is narrowing down. MACD is declining and keeping a weak sell signal. Stochastic is growing and approaching the border of the overbought zone.

It is recommended to wait for clearer trading signals.

Support levels: 0.6724 (2 November low), 0.6697, 0.6648 (29 October low), 0.6618, 0.6585, 0.6560.

Resistance levels: 0.6791 (30 October high), 0.6812 (27 October high), 0.6865 (23 October high), 0.6900, 0.6926.

Trading tips

Long positions can be opened after the breakout of the level of 0.6780 (with appropriate indicators signals) with targets at 0.6870, 0.6900 and stop-loss at 0.6750. Validity – 1-3 days.

Short positions can be opened after the breakdown of the level of 0.6730 with the target at 0.6650 and stop-loss at 0.6760. Validity – 2-3 days.

NZD/USD: flat continues

NZD/USD: flat continues

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback