LiteForex NZD/USD: general review
Current trend
New Zealand dollar grew against USD during trading on Tuesday supported by the growth of prices for dairy products by 0.3% (the highest in the last three months) and reduced returns on US state bonds. US markets opened after a holiday, and a number of important macroeconomic releases is planned for the current week. Investors are concerned that the concequences of Harvey storm may lead to the fall of economic indicators in the short term whic may influence the Fed's decision on the possible increase of interest rates this year. Potential nuclear crisis in North Korea also has a negative impact on the rate of the US currency.
Today traders have to pay special attention to the release of data on Markit PMI changes and services PMI by ISM.
Support and resistance
Support levels: 0.7200, 0.7185, 0.7160, 0.7130.
Resistance levels: 0.7250, 0.7280, 0.7300, 0.7330.
Trading tips
Long positions may be opened from the level of 0.7260 with target at 0.7330 and stop-loss at 0.7220.
Short positions may be opened from the level of 0.7200 with targets at 0.7150 and stop-loss at 0.7230.
The period of implementation is 1-3 days.
Read more analytic on LiteForex site https://www.liteforex.com/trading/forex-analysis/