Yuri Papshev
Independent Analyst
Having received support from the RBNZ, which announced its intention to tighten mortgage lending standards from October 1, the NZD/USD pair rose quite sharply during today's Asian session, making another attempt to break through the key resistance level of 0.7015.
The price has broken through the important short-term resistance levels 0.6978, 0.7011, and the technical indicators OsMA and Stochastic on the 1-hour, 4-hour, daily, weekly NZD/USD charts signal long positions.
In the alternative scenario, and after the breakdown of the support level at 0.6978, NZD / USD will resume decline towards the lower border of the descending channels on the daily and weekly charts, passing near the marks of 0.6865, 0.6845. Key long-term support levels are also located at these marks. Their breakout could finally push the NZD/USD into a bear market zone and return it to the global downtrend that began in July 2014.
Trading recommendations
Sell Stop 0.6990. Stop-Loss 0.7020. Take-Profit 0.6978, 0.6970, 0.6945, 0.6900, 0.6865, 0.6845.
Buy Stop 0.7020. Stop-Loss 0.6990. Take-Profit 0.7050, 0.7105, 0.7240, 0.7315, 0.7380, 0.7430, 0.7550, 0.7600.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold holds near $2,330 despite rising US yields
Gold stays in positive territory near $2,330 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, making it difficult for XAU/USD to extend its daily rally.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.