Current trend
This week, NZD/USD is trading within a limited price range due to the lack of significant releases.
USD is vulnerable due to the complicated EU-US trade negotiations. On June 1, 25% tax on steel and aluminum, supplied to the US from EU, will be implied. This week, US Secretary of Commerce Wilbur Ross and EU Trade Commissioner Cecilia Malmstrom will meet in Paris to discuss the situation. EU representatives do not agree with new fees and reject to replace them with 90% quota for the import of metals in the US at the level of last year's supply volumes. EU can imply reciprocal taxes on American goods amounting to 2.8 billion EUR, and USD will be under serious pressure.
Today the pair will trade within the range of 0.6900–0.6950 due to the lack of key macroeconomic data. RBNZ Governor Orr Speech is due at 03:10 (GMT+2) tomorrow. At 14:30 (GMT+2), US employment data, GDP and Core Personal Consumption Expenditures releases will be published.
Support and resistance
On the daily chart, the instrument consolidated above the psychological level of 0.6900. Bollinger bands are directed down, and the price range remains unchanged, indicating a further fall. MACD is in the negative zone, keeping a strong sell signal. Stochastic was corrected within the neutral area; the entry signal is not formed.
Resistance levels: 0.6956, 0.7005, 0.7057, 0.7094, 0.7130, 0.7181.
Support levels: 0.6768, 0.6822, 0.6849, 0.6908.
Trading tips
Short positions can be opened below the level of 0.6895 with the targets at 0.6820, 0.6800 and stop loss 0.6965. Implementation period: 1–2 days.
Long positions can be opened from the level of 0.6965 with the target at 0.7040 and the stop loss 0.6890. Implementation period: 1–3 days.
New Zealand Dollar vs US Dollar
Buy Sell Spread
0.69173 0.69149 24
Scenario
Timeframe Day's Range
Recommendations SELL STOP
Entry Point 0.6890
Take Profit 0.6820, 0.6800
Stop Loss 0.6965
Support levels 0.6768, 0.6822, 0.6849, 0.6908, 0.6956, 0.7005, 0.7057, 0.7094, 0.7130, 0.7181
Alternative scenario
Recommendations BUY STOP
Entry Point 0.6965
Take Profit 0.7040
Stop Loss 0.6890
Support levels 0.6768, 0.6822, 0.6849, 0.6908, 0.6956, 0.7005, 0.7057, 0.7094, 0.7130, 0.7181
This week, NZD/USD is trading within a limited price range due to the lack of significant releases.
USD is vulnerable due to the complicated EU-US trade negotiations. On June 1, 25% tax on steel and aluminum, supplied to the US from EU, will be implied. This week, US Secretary of Commerce Wilbur Ross and EU Trade Commissioner Cecilia Malmstrom will meet in Paris to discuss the situation. EU representatives do not agree with new fees and reject to replace them with 90% quota for the import of metals in the US at the level of last year's supply volumes. EU can imply reciprocal taxes on American goods amounting to 2.8 billion EUR, and USD will be under serious pressure.
Today the pair will trade within the range of 0.6900–0.6950 due to the lack of key macroeconomic data. RBNZ Governor Orr Speech is due at 03:10 (GMT+2) tomorrow. At 14:30 (GMT+2), US employment data, GDP and Core Personal Consumption Expenditures releases will be published.
Support and resistance
On the daily chart, the instrument consolidated above the psychological level of 0.6900. Bollinger bands are directed down, and the price range remains unchanged, indicating a further fall. MACD is in the negative zone, keeping a strong sell signal. Stochastic was corrected within the neutral area; the entry signal is not formed.
Resistance levels: 0.6956, 0.7005, 0.7057, 0.7094, 0.7130, 0.7181.
Support levels: 0.6768, 0.6822, 0.6849, 0.6908.
Trading tips
Short positions can be opened below the level of 0.6895 with the targets at 0.6820, 0.6800 and stop loss 0.6965. Implementation period: 1–2 days.
Long positions can be opened from the level of 0.6965 with the target at 0.7040 and the stop loss 0.6890. Implementation period: 1–3 days.
New Zealand Dollar vs US Dollar
Buy Sell Spread
0.69173 0.69149 24
Scenario
Timeframe Day's Range
Recommendations SELL STOP
Entry Point 0.6890
Take Profit 0.6820, 0.6800
Stop Loss 0.6965
Support levels 0.6768, 0.6822, 0.6849, 0.6908, 0.6956, 0.7005, 0.7057, 0.7094, 0.7130, 0.7181
Alternative scenario
Recommendations BUY STOP
Entry Point 0.6965
Take Profit 0.7040
Stop Loss 0.6890
Support levels 0.6768, 0.6822, 0.6849, 0.6908, 0.6956, 0.7005, 0.7057, 0.7094, 0.7130, 0.7181