NZDUSD is consolidating in a narrow range just above the strong support around 0.7050 since the beginning of this week, hit a four month low today at 0.7055. Additional pressure on the pair was put by the fall of the prices for dairy products and political uncertainty associated with the results of election in New Zealand. A break below the 0.7050 support will open a move towards 0.7020 [100 WSA] and 0.7000. On the other hand a decisive break above 0.7100 will lead price to test the next resistance area around 0.7130/50.
Support: 0.7050, 0.7020 [100WSA] and 0.7000.
Resistance: 0.7100, 0.7130 and 0.7150
Trading Scenarios [Source: RoboForex]
1.
Timeframe: Intraday | Recommendation: SELL STOP |
Entry Point: 0.7040 | TP: 0.7000 | SL: 0.7060.
2. Alternative scenario
Timeframe: Intraday | Recommendation: BUY STOP
Entry Point: 0.7085 | TP: 0.7145 | SL: 0.7040