Tuesday, 12 December 2017

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A Analysis

NZD/USD: pair continues growing

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Current trend

Yesterday the pair significantly strengthened amid the publication of strong macroeconomic data in New Zealand. The Consumer Price Index in the first quarter of the year grew by 0.2% while economists predicted a growth of 0.1%.

In addition, the pair is supported by an increase in appetite for risky assets amid some anxiety reduction on the market regarding the state of the Chinese economy. That allows market participants to benefit from the difference in interest rate between the RBNZ and other major central banks around the globe by using carry trade operations.

Support and resistance

Bollinger Bands in the daily chart is moving up while the price range is widening. At the same time, the indicator has formed a signal for a correctional decline. MACD is growing and giving a strengthening buy signal. Stochastic is in the overbought zone and growing as well.

The indicators recommend waiting for clearer trading signals.

Support levels: 0.6965 (local low), 0.6926, 0.6900, 0.6873 (local low), 0.6850, 0.6823 (14 April low), 0.6800.

Resistance levels: 0.7000 (psychologically important level), 0.7038, 0.7080 (1 June 2015 low), 0.7156, 0.7232.

Trading tips

Long positions can be opened after the breakout of the level of 0.7020 (with the appropriate indicators signals) with targets at 0.7100, 0.7160 and stop-loss at 0.6980. Validity – 3-4 days.

Short positions can be opened after the breakdown of the level of 0.6960 with targets at 0.6900, 0.6850 and stop-loss at 0.7040. Validity – 3-4 days.

 

 

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