Current trend
Last week New Zealand dollar reduced against USD, and the pair lost about 90 points. The fall was mainly explained by the decision of the Reserve Bank of New Zealand to keep interest rates unchanged. Its officials pointed out that until the level of inflation reduces, the direction of RBNZ policies will remain unchanged. These "dovish" tendencies put pressure on the national currency, and with the opening of the new trading session the pair continues to fall.
Today traders have to pay special attention to the release of data on Markit manufacturing PMI changes and manufacturing PMI by ISM.
Support and resistance
On the H4 chart the instrument is trading between the lower and middle lines of Bollinger Bands. MACD histogram is in the negative zone keeping the sale signal.
Support levels: 0.7175, 0.7160, 0.7130.
Resistance levels: 0.7220, 0.7250, 0.7280 0.7300.
Trading tips
Short positions may be opened from the current level with target at 0.7130 and stop-loss at 0.7230. The period of implementation is 1-3 days.
Long positions may be opened from the level of 0.7230 with targets at 0.7280 and stop-loss at 0.7200. The implementation period is 3-5 days.
Last week New Zealand dollar reduced against USD, and the pair lost about 90 points. The fall was mainly explained by the decision of the Reserve Bank of New Zealand to keep interest rates unchanged. Its officials pointed out that until the level of inflation reduces, the direction of RBNZ policies will remain unchanged. These "dovish" tendencies put pressure on the national currency, and with the opening of the new trading session the pair continues to fall.
Today traders have to pay special attention to the release of data on Markit manufacturing PMI changes and manufacturing PMI by ISM.
Support and resistance
On the H4 chart the instrument is trading between the lower and middle lines of Bollinger Bands. MACD histogram is in the negative zone keeping the sale signal.
Support levels: 0.7175, 0.7160, 0.7130.
Resistance levels: 0.7220, 0.7250, 0.7280 0.7300.
Trading tips
Short positions may be opened from the current level with target at 0.7130 and stop-loss at 0.7230. The period of implementation is 1-3 days.
Long positions may be opened from the level of 0.7230 with targets at 0.7280 and stop-loss at 0.7200. The implementation period is 3-5 days.