Current trend

Yesterday the pair fell slightly amid very low activity on the market and absence of macroeconomic publications.

The US Dollar received some support on Tuesday when data on the Consumer Confidence was released in the US. In December, the index grew from 92.6 to 96.5 points while economists forecasted a growth to 93.8 points.

Support and resistance

Bollinger Bands on the daily chart is moving up while the price range remains with almost no change. MACD is trying to turn down but still giving a buy signal. Stochastic turned down leaving the overbought zone.

The indicators recommend waiting for clearer trading signals.

Support levels: 0.6835 (local low), 0.6787, 0.6724, 0.6690, 0.6660 (9 December low), 0.6600, 0.6560, 0.6534.

Resistance levels: 0.6865 (local high), 0.6882 (29 December high), 0.6900 (15 October highs), 0.6926.

Trading tips

Long positions can be opened after the breakout of the level of 0.6850 with targets at 0.6880, 0.6900 and stop-loss at 0.6820. Validity – 2-3 days.

Short positions can be opened after the breakdown of the level of 0.6825 with targets at 0.6770, 0.6750 and stop-loss at 0.6845. Validity – 2-3 days.

NZD/USD: pair fell

NZD/USD: pair fell

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