Sign In with Google
Sign In with Facebook
Meanwhile, despite the observed fall in prices for oil and other commodities, quotations of commodity currencies such as the Canadian, Australian and New Zealand dollars are growing.
The NZD/USD pair is growing today for the second day in a row, primarily on the weakening of the USD.
At the time of publication of this article, the pair is traded near the important short-term resistance level 0.6794 (EMA200 on the 1-hour chart). Its breakdown will open the way for further corrective growth towards the key resistance levels 0.6850 (EMA200 on the weekly chart), 0.6865 (Fibonacci 23.6% of the correction in the global wave of the pair's decline from the level 0.8820), 0.6875 (EMA200 on the daily chart).
Below these resistance levels, the NZD/USD remains in the bear market zone. But the breakdown of these levels may provoke further strengthening of the NZD/USD with the prospect of returning into the bull market zone. The breakdown of the local resistance level 0.6920 will be a confirmation signal for the implementation of this scenario.
In the main scenario, we expect a rebound from the resistance level 0.6794 and the resumption of the downward trend. The first signal for the resumption of sales will be a breakdown of the short-term support level 0.6774 (EMA200 on the 15-minute chart), and a breakdown of the support level 0.6756 (EMA200 on the 4-hour chart and EMA50 on the daily chart) - confirming.
Let's also pay attention to the fact that the volatility in the NZD quotes and the USD/NZD pair, respectively, may increase again at the end of today's trading day, when at 21:45 (GMT) the report of the Bureau of Statistics of New Zealand with data on the country's GDP for 4 th quarter. GDP is expected to grow by +3.2% in the 4th quarter of 2021 (previous values -3.7%, +2.8%, +1.6%, -1.0%, +13.9% , -11%, -1.2%, +0.1%) and +3.3% in annual terms. Previous values in annual terms: -0.3% +17.9%, +2.9%, -0.8%, +0.2%, -11.3%, 0%, +1.7%. The data so far remain conflicting, although they indicate a continued gradual recovery of the New Zealand economy after its fall in the first half of 2020. The data worse than the forecast and especially the previous values will have a negative impact on the NZD quotes.
Support levels: 0.6774, 0.6756, 0.6730, 0.6700, 0.6661, 0.6600, 0.6540, 0.6500
Resistance levels: 0.6794, 0.6850, 0.6865, 0.6875, 0.6920, 0.7100, 0.7170, 0.7240, 0.7315, 0.7380, 0.7430, 0.7550, 0.7600
Trading recommendations
NZD/USD: Sell Stop 0.6770. Stop Loss 0.6815. Take-Profit 0.6756, 0.6730, 0.6700, 0.6661, 0.6600, 0.6540, 0.6500, 0.6260
Buy Stop 0.6815. Stop Loss 0.6770. Take-Profit 0.6850, 0.6865, 0.6875, 0.6920, 0.7100, 0.7170, 0.7240, 0.7315, 0.7380, 0.7430, 0.7550, 0.7600
