Current trend
The quotes of NZD/USD grew by 1.76% during the day in view of the weakening US dollar.
USD is under pressure from the consequences of Harvey storm that has recently hit the USA. Many major infrastructural facilities were temporarily closed due to the weather which caused the growth of the number of initial jobless claims in the USA. According to the statistics released yesterday, the indicator grew to 298K from 236K a week earlier. The returns on US bonds dropped yesterday in view of Irma storm that is approaching the shores of Florida, and pushed US dollar down. This fall of macroeconomic indicators rapidly reduces the chance of yet another increase of the interest rate by the Fed this year. These factors give considerable support to the rate of NZD/USD.
Support and resistance
Technically the growth potential of NZD/USD is not over yet. MACD histogram is growing in the positive zone indicating the preservation of the buyers influence. Bollinger Bands are directed upwards confirming the upward trend. After the price consolidates above 0.7337, one may consider the upward tendency. In this case growth may continue to 0.7376, 0.7427. The consolidation of the price below the middle line of Bollinger Bands (0.7222) will be a signal for the formation of downward movement that will continue to 0.7166-0.7133.
Support levels: 0.7222, 0.7166, 0.7131.
Resistance levels: 0.7337, 0.7376, 0.7427.
Trading tips
Buy positions may be opened above 0.7337 with targets at 0.7376-0.7427 and stop-loss at 0.7307.
Sell positions may be opened below 0.7222 with targets at 0.7166-0.7131 and stop-loss at 0.7250.
The quotes of NZD/USD grew by 1.76% during the day in view of the weakening US dollar.
USD is under pressure from the consequences of Harvey storm that has recently hit the USA. Many major infrastructural facilities were temporarily closed due to the weather which caused the growth of the number of initial jobless claims in the USA. According to the statistics released yesterday, the indicator grew to 298K from 236K a week earlier. The returns on US bonds dropped yesterday in view of Irma storm that is approaching the shores of Florida, and pushed US dollar down. This fall of macroeconomic indicators rapidly reduces the chance of yet another increase of the interest rate by the Fed this year. These factors give considerable support to the rate of NZD/USD.
Support and resistance
Technically the growth potential of NZD/USD is not over yet. MACD histogram is growing in the positive zone indicating the preservation of the buyers influence. Bollinger Bands are directed upwards confirming the upward trend. After the price consolidates above 0.7337, one may consider the upward tendency. In this case growth may continue to 0.7376, 0.7427. The consolidation of the price below the middle line of Bollinger Bands (0.7222) will be a signal for the formation of downward movement that will continue to 0.7166-0.7133.
Support levels: 0.7222, 0.7166, 0.7131.
Resistance levels: 0.7337, 0.7376, 0.7427.
Trading tips
Buy positions may be opened above 0.7337 with targets at 0.7376-0.7427 and stop-loss at 0.7307.
Sell positions may be opened below 0.7222 with targets at 0.7166-0.7131 and stop-loss at 0.7250.