Current dynamics
The rate of NZD/USD is growing on the background of the US dollar weakened by political scandals. The technical picture shows that the pair is growing from the strong support level of 0.6800-0.6865. This is also the level of the lower border of black channel D1 in which the price has stayed since last September. To achieve further growth, the rate has to overcome strong resistance at the lower border of D1 (blue) channel around 0.7075-0.7170.
Today the participants of the market will pay attention to statistics from the USA. Industrial and service PMI are due at 15:45 (GMT+2). The data on the housing sales in the USA will be published at 16:00 (GMT+2), and at 20:15 (GMT+2) and 23:00 (GMT+2) the members of the US Open Markets Committee Neel Kashkari and Patrick Harker will make statements.
Support and resistance
Support levels: 0.7000, 0.6900, 0.6865, 0.6800.
Resistance levels: 0.7075, 07170, 0.7240.
Trading tips
Long positions may be opened at the market price with targets at 0.7075, 0.7170 and stop-loss at 0.7000.
Alternatively, sale positions may be opened from 0.6900 with targets at 0.6865, 0.6800 and stop-loss at 0.6930.
The period of implementation is 1-2 days.
The rate of NZD/USD is growing on the background of the US dollar weakened by political scandals. The technical picture shows that the pair is growing from the strong support level of 0.6800-0.6865. This is also the level of the lower border of black channel D1 in which the price has stayed since last September. To achieve further growth, the rate has to overcome strong resistance at the lower border of D1 (blue) channel around 0.7075-0.7170.
Today the participants of the market will pay attention to statistics from the USA. Industrial and service PMI are due at 15:45 (GMT+2). The data on the housing sales in the USA will be published at 16:00 (GMT+2), and at 20:15 (GMT+2) and 23:00 (GMT+2) the members of the US Open Markets Committee Neel Kashkari and Patrick Harker will make statements.
Support and resistance
Support levels: 0.7000, 0.6900, 0.6865, 0.6800.
Resistance levels: 0.7075, 07170, 0.7240.
Trading tips
Long positions may be opened at the market price with targets at 0.7075, 0.7170 and stop-loss at 0.7000.
Alternatively, sale positions may be opened from 0.6900 with targets at 0.6865, 0.6800 and stop-loss at 0.6930.
The period of implementation is 1-2 days.