Current trend

On Monday, the NZD/USD pair declined amid strengthening in the US Dollar against other major currencies. The USD was growing largely due to favorable Nonfarm Payrolls statistics which indicated a growth by 211K new jobs, 11K above the forecast.

This week, RBNZ interest rate decision, due on Wednesday, will certainly influence the value of the NZD. 

Moreover, attention needs to be paid to Business NZ PMI and Food Price Index, due on Thursday in New Zealand.

Support and resistance

Technical indicators are not giving clear trading signals. On the daily chart, the price is trading between the upper and the middle MAs of Bollinger Bands. MA100 and MA 144 are parallel to each other and remain above the current price. MACD histogram is in the positive zone, close to the zero line; its volumes are insignificant and remain almost unchanged.

Support levels: 0.6578 (idle MA of Bollinger Bands and last week low), 0.6470 (local low), 0.6433, 0.6329, 0.6253.

Resistance levels: 0.6643 (MA50), 0.6695 (MA100), 0.6723 (upper MA of Bollinger Bands), 0.6746, 0.6787 (last week high).

Trading tips

Short positions can be opened at the current level with the target at 0.6587 and stop-loss at 0.6695.

Long positions can be opened after the consolidation above the level of 0.6643 with the target at 0.6746 and stop-loss at 0.6587.

NZD/USD: general analysis




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