Scenario Timeframe Intraday Recommendation BUY STOP Entry Point 0.6035 Take Profit 0.6100 Stop Loss 0.6000 Key Levels 0.5934, 0.5950, 0.5976, 0.6000, 0.6030, 0.6047, 0.6075, 0.6100
Alternative scenario Recommendation SELL STOP Entry Point 0.5995 Take Profit 0.5950 Stop Loss 0.6030 Key Levels 0.5934, 0.5950, 0.5976, 0.6000, 0.6030, 0.6047, 0.6075, 0.6100
Current trend
During the Asian session, the NZD/USD pair retreats from the highs of September 29 and is preparing to test the psychological level of 0.6000 for a breakdown.
Tomorrow, American September data on manufacturing inflation will be published: forecasts suggest a slight slowdown in the indicator from 0.7% to 0.4% MoM, although the growth of 1.6% YoY will remain. Also, the minutes of the September meeting of the US Federal Reserve will be published, at which the regulator paused tightening monetary policy: experts hope to gain more clarity regarding another interest rate increase before the end of the year. On Thursday, the market will receive a report on consumer price inflation: preliminary estimates suggest a slowdown from 0.6% to 0.3% MoM and from 3.7% to 3.6% YoY.
On Friday, traders will focus on statistics on business activity and retail sales in New Zealand for September, as well as the consumer inflation index in China, which may increase by 0.3% MoM and 0.2% YoY.
Support and resistance
On the daily chart, Bollinger Bands are steadily growing: the price range is expanding but not as fast as the “bullish” sentiment develops. The MACD indicator is rising, maintaining a strong buy signal (the histogram is above the signal line), and is trying to consolidate above the zero level. Stochastic maintains a confident upward direction but is close to its highs, showing that the New Zealand dollar may become overbought soon.
Resistance levels: 0.6030, 0.6047, 0.6075, 0.6100.
Support levels: 0.6000, 0.5976, 0.5950, 0.5934.
Trading tips
Long positions may be opened after 0.6030 is broken upward with the target at 0.6100. Stop loss – 0.6000. Implementation time: 2–3 days.
Short positions may be opened after a rebound from 0.6030 and a breakdown of 0.6000 with the target at 0.5950. Stop loss – 0.6030.
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 0.6035 |
| Take Profit | 0.6100 |
| Stop Loss | 0.6000 |
| Key Levels | 0.5934, 0.5950, 0.5976, 0.6000, 0.6030, 0.6047, 0.6075, 0.6100 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.5995 |
| Take Profit | 0.5950 |
| Stop Loss | 0.6030 |
| Key Levels | 0.5934, 0.5950, 0.5976, 0.6000, 0.6030, 0.6047, 0.6075, 0.6100 |
Current trend
During the Asian session, the NZD/USD pair retreats from the highs of September 29 and is preparing to test the psychological level of 0.6000 for a breakdown.
Tomorrow, American September data on manufacturing inflation will be published: forecasts suggest a slight slowdown in the indicator from 0.7% to 0.4% MoM, although the growth of 1.6% YoY will remain. Also, the minutes of the September meeting of the US Federal Reserve will be published, at which the regulator paused tightening monetary policy: experts hope to gain more clarity regarding another interest rate increase before the end of the year. On Thursday, the market will receive a report on consumer price inflation: preliminary estimates suggest a slowdown from 0.6% to 0.3% MoM and from 3.7% to 3.6% YoY.
On Friday, traders will focus on statistics on business activity and retail sales in New Zealand for September, as well as the consumer inflation index in China, which may increase by 0.3% MoM and 0.2% YoY.
Support and resistance
On the daily chart, Bollinger Bands are steadily growing: the price range is expanding but not as fast as the “bullish” sentiment develops. The MACD indicator is rising, maintaining a strong buy signal (the histogram is above the signal line), and is trying to consolidate above the zero level. Stochastic maintains a confident upward direction but is close to its highs, showing that the New Zealand dollar may become overbought soon.
Resistance levels: 0.6030, 0.6047, 0.6075, 0.6100.
Support levels: 0.6000, 0.5976, 0.5950, 0.5934.
Trading tips
Long positions may be opened after 0.6030 is broken upward with the target at 0.6100. Stop loss – 0.6000. Implementation time: 2–3 days.
Short positions may be opened after a rebound from 0.6030 and a breakdown of 0.6000 with the target at 0.5950. Stop loss – 0.6030.
已編輯 12 Oct 2023, 14:00
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