On Thursday, the NZD/USD was trading slightly down. The volatility was very low due to celebrations of a Thanksgiving Day in the US.
The NZD did not manage to strengthen amid not so positive macroeconomic statistics. In October, Exports from New Zealand grew from $3.69 to $3.83 billion while analysts expected the indicator to reach $4.02 billion. Trade Deficit declined from $1.2 billion to $963 million against the forecast of $937 million.
Support and resistance
Bollinger Bands indicator on the daily chart is still directed horizontally while the price range is remaining almost unchanged. MACD is growing and keeping a weak buy signal. Stochastic is approaching the overbought zone.
It is recommended to wait for clearer trading signals.
Support levels: 0.6560, 0.6534, 0.6500 (near 23 November low), 0.6457, 0.6428 (18 November low).
Resistance levels: 0.6596 (26 November high), 0.6618, 0.6648, 0.6697, 0.6724, 0.6791 (30 October high), 0.6812 (27 October high).
Long positions can be opened after the breakout of the level of 0.6600 with targets at 0.6640, 0.6660 and stop-loss at 0.6570. Validity – 1-3 days.
Short positions can be opened after the breakdown of the level of 0.6560 with targets at 0.6510, 0.6470 and stop-loss at 0.6590. Validity – 1-3 days.