Current trend
NZD is actively growing against USD, stepping off the record minimum of the beginning of the week, supported by technical factors and the reluctance of investors to open new positions before June US employment market publication.
In addition, on Friday, reciprocal duties on goods produced in the US and China will be implied for a total of $68 billion (for both countries). President Trump’s Administration is negotiating with EU countries. According to German publications, the American ambassador in Germany claimed the possibility not to imply a 20% duty on European cars, if the EU cancels the corresponding duties on American cars imported to the EU countries.
June employment market data are expected to be worse than in May. The unemployment rate will grow from 2.7% to 2.8%, and Nonfarm Payrolls can fall from 223K to 195K. Thursday’s ADP Employment Change statistic was poor and decreased from 189K to 177K in June.
Support and resistance
On the daily chart, Bollinger bands unfold horizontally. The price range narrows, reacting to a change in the trade direction. MACD grows, keeping a strong buy signal (the histogram is above the signal line). Stochastic grows almost vertically, but it is approaching its highs, which reflects that NZD is overbought in the short term.
Current readings do not contradict the development of the "bullish" trend in the short and/or ultra-short term.
Resistance levels: 0.6824, 0.6850, 0.6880, 0.6935.
Support levels: 0.6788, 0.6734, 0.6717, 0.6686.
Trading tips
Long positions can be opened after the breakout of 0.6824 with the targets at 0.6900–0.6935 and stop loss 0.6780.
Short positions can be opened after the rebound from 0.6824 and the breakdown of the level of 0.6788 with the targets at 0.6734, 0.6717, 0.6700 and stop loss 0.6830.
Implementation period: 2–3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6830
Take Profit 0.6900, 0.6935
Stop Loss 0.6780
Key Levels 0.6686, 0.6717, 0.6734, 0.6788, 0.6824, 0.6850, 0.6880, 0.6935
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6780
Take Profit 0.6734, 0.6717, 0.6700
Stop Loss 0.6830
Key Levels 0.6686, 0.6717, 0.6734, 0.6788, 0.6824, 0.6850, 0.6880, 0.6935
NZD is actively growing against USD, stepping off the record minimum of the beginning of the week, supported by technical factors and the reluctance of investors to open new positions before June US employment market publication.
In addition, on Friday, reciprocal duties on goods produced in the US and China will be implied for a total of $68 billion (for both countries). President Trump’s Administration is negotiating with EU countries. According to German publications, the American ambassador in Germany claimed the possibility not to imply a 20% duty on European cars, if the EU cancels the corresponding duties on American cars imported to the EU countries.
June employment market data are expected to be worse than in May. The unemployment rate will grow from 2.7% to 2.8%, and Nonfarm Payrolls can fall from 223K to 195K. Thursday’s ADP Employment Change statistic was poor and decreased from 189K to 177K in June.
Support and resistance
On the daily chart, Bollinger bands unfold horizontally. The price range narrows, reacting to a change in the trade direction. MACD grows, keeping a strong buy signal (the histogram is above the signal line). Stochastic grows almost vertically, but it is approaching its highs, which reflects that NZD is overbought in the short term.
Current readings do not contradict the development of the "bullish" trend in the short and/or ultra-short term.
Resistance levels: 0.6824, 0.6850, 0.6880, 0.6935.
Support levels: 0.6788, 0.6734, 0.6717, 0.6686.
Trading tips
Long positions can be opened after the breakout of 0.6824 with the targets at 0.6900–0.6935 and stop loss 0.6780.
Short positions can be opened after the rebound from 0.6824 and the breakdown of the level of 0.6788 with the targets at 0.6734, 0.6717, 0.6700 and stop loss 0.6830.
Implementation period: 2–3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6830
Take Profit 0.6900, 0.6935
Stop Loss 0.6780
Key Levels 0.6686, 0.6717, 0.6734, 0.6788, 0.6824, 0.6850, 0.6880, 0.6935
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6780
Take Profit 0.6734, 0.6717, 0.6700
Stop Loss 0.6830
Key Levels 0.6686, 0.6717, 0.6734, 0.6788, 0.6824, 0.6850, 0.6880, 0.6935