The New Zealand Dollar was significantly supported by the RBNZ decision to keep its key interest rate unchanged at the current 2.25%, which allowed the pair to strengthen by more than 180 points. In addition, the pair was supported by today’s data on the ANZ Business Confidence. In March, the index grew from 3.2 to 6.2 points.
Today attention also needs to be paid to data on Personal Income and Personal Spending in the US. According to forecasts, indices will grow that might support the US Dollar .
Support and resistance
On the 4-hour chart, the pair is growing along the upper MA of . histogram is in the positive zone and its volumes are growing. is falling after it has left the overbought zone.
Support levels: 0.6960, 0.6930, 0.6915, 0.6885, 0.6850, 0.6820, 0.6800.
Resistance levels: 0.6980, 0.7000, 0.7040, 0.7070.
Long positions can be opened from the level of 0.7000 with targets at 0.7040, 0.7070 and stop-loss at 0.6980. Validity – 1-3 days.
Short positions can be opened from the level of 0.6960 with targets at 0.6915, 0.6885 and stop-loss at 0.6980. Validity – 1-3 days.