Current trend
Yesterday the NZD/USD grew to the area of 0.6947, and today rapidly lowered by 1.15% to the area of 0.6850 after RBNZ kept the interest rate in the same level of 1.75%. The RBNZ members also commented that despite some positive steps in the economy (inflation, dairy prices) the regulator intends to imply mild monetary policy further. The investors were disappointed by the mild rhetoric of the New Zealand regulator and began to dell the NZD.
Support and resistance
The NZD/USD pair after the test of the support level of 0.6817 slightly corrected upwards, but the technical indicators shows that the sellers’ positions in the market are still strong. Bollinger Bands are diverging, confirming the downwards trend. MACD histogram is in the negative zone; its volumes are rising and forming a sell signal. The lowering will be confirmed after the price consolidation below the level of 0.6817. If the pair is set above the level of 0.6863 within the correction, the correction can develop to the area of the middle line (0.6900), and then the reversal is possible again.
Support levels: 0.6817, 0.6762, 0.6717.
Resistance levels: 0.6863, 0.6900, 0.6965.
Trading scenario
Sell the pair below the level of 0.6817 with the target at around 0.6762 and stop loss at 0.6835.
Buy the pair above the level of 0.6863 with the target around 0.6900, 0.6965 and stop loss at 0.6840.
Yesterday the NZD/USD grew to the area of 0.6947, and today rapidly lowered by 1.15% to the area of 0.6850 after RBNZ kept the interest rate in the same level of 1.75%. The RBNZ members also commented that despite some positive steps in the economy (inflation, dairy prices) the regulator intends to imply mild monetary policy further. The investors were disappointed by the mild rhetoric of the New Zealand regulator and began to dell the NZD.
Support and resistance
The NZD/USD pair after the test of the support level of 0.6817 slightly corrected upwards, but the technical indicators shows that the sellers’ positions in the market are still strong. Bollinger Bands are diverging, confirming the downwards trend. MACD histogram is in the negative zone; its volumes are rising and forming a sell signal. The lowering will be confirmed after the price consolidation below the level of 0.6817. If the pair is set above the level of 0.6863 within the correction, the correction can develop to the area of the middle line (0.6900), and then the reversal is possible again.
Support levels: 0.6817, 0.6762, 0.6717.
Resistance levels: 0.6863, 0.6900, 0.6965.
Trading scenario
Sell the pair below the level of 0.6817 with the target at around 0.6762 and stop loss at 0.6835.
Buy the pair above the level of 0.6863 with the target around 0.6900, 0.6965 and stop loss at 0.6840.