NZD/USD: general review

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03/14/2019

Current trend

After significant growth at the end of 2018, the NZD/USD pair reversed into the consolidation, where it is moving now. At the beginning of March, a downward wave was formed, reaching the lower border of the technical “triangle”, then the instrument changed direction and returned to the upper limit of the range at the level of 0.6870.

Today, the course reversed and began to fall, having passed 50 points in a few hours. The main catalyst of this movement is yesterday's ambiguous US macroeconomic statistics: poor inflation data and favorable Durable Goods Orders release. After sideways consolidation, the pair will determine the direction of movement. It is likely that the instrument will decline, as USD will receive additional demand amid growing US economic growth rates, while the RBNZ will keep a soft monetary policy, which will affect NZD negatively.

Today and tomorrow, it is worth paying attention to data on the US labor market and industrial production, which can support USD.

Support and resistance

In the event of a breakdown of the level of 0.6700, the pair will reverse to a rapid decline to local lows of 0.6420, 0.6225.

Technical indicators reflect sideways movement: MACD volumes are decreasing, the signal line is at zero level, Bollinger bands are lined up horizontally.

Resistance levels: 0.6850, 0.6870, 0.6905, 0.6950, 0.6970, 0.7000.

Support levels: 0.6790, 0.6770, 0.6700, 0.6650, 0.6600, 0.6545, 0.6500, 0.6420, 0.6225.

Trading tips

Short positions can be opened from the current level with the target at 0.6700, 0.6420, 0.6225 and stop loss 0.6940.

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