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NZD/USD: New Zealand dollar is in the correction 28.11.2018
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on NZD/USD for a better understanding of the current market situation and more efficient trading.
Yesterday, NZD rose against USD, continuing the development of the corrective “bullish” impulse formed at the beginning of the week, due to quite strong data on New Zealand exports and a weak US macroeconomic background.
Thus, in October, exports from New Zealand increased from 4.25 billion dollars to 4.86 billion, which was slightly better than the average market forecasts. Imports increased even more: from 5.85 billion dollars to $6.15 billion, which led to a worsening of the trade deficit. The October figure reached –5.79 billion YoY against –5.33 billion YoY in September.
Today, the pair is strengthening, waiting for new drivers to appear. Investors are focused on the speech of the head of the RBNZ, Adrian Orr, and a block of US statistics, followed by the speech of the Fed Governor Jerome Powell.
Support and resistance
On the daily chart, Bollinger bands reverse horizontally. The price range narrows, reflecting the ambiguous trade nature of the recent days. MACD indicator is reversing upwards, keeping the sell signal (the histogram is below the signal line). The dynamics of Stochastic are similar, which indicates the potential for the development of corrective growth in the super-short term.
It is better to wait for the final formation of the "bullish" signal.
Resistance levels: 0.6815, 0.6849, 0.6882.
Support levels: 0.6760, 0.6748, 0.6704, 0.6662.
Long positions can be opened after the breakout of the level of 0.6815 with the target at 0.6882 or 0.6900. Stop loss is 0.6780.
Short positions can be opened after the breakdown of the level of 0.6748 with the targets at 0.6662–0.6650. Stop loss is 0.6780.
Implementation period: 2–3 days.
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Use the current recommendations of analysts on NZD/USD and trade efficiently with NPBFX.