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Current dynamics NZD/USD for 29/09/2020 FUNDAMENTAL AND TECHNICAL ANALYSIS

29 September 2020, 08:55

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Important news for today

Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Current dynamics NZD/USD

The New Zealand dollar is showing moderate gains against the US currency during today's morning session, developing a weak corrective momentum, which replaced a much more active decline at the beginning of last trading week. Technical factors, as well as the closure of long positions in the US currency, remain the reason for the appearance of "bullish" dynamics. At the same time, the US dollar remains close to its two-month highs against most currencies on the market, which is associated with high demand for safe assets against the background of an aggravated epidemiological situation in the world.

Labor market data provided some support to the New Zealand currency on Monday. For example, the number of vacancies filled in New Zealand rose sharply by 9.147 million after declining by 7.418 million over the previous period.

Support and resistance levels

Resistance levels: 0.6600, 0.6635, 0.6666, 0.6700.

Support levels: 0.6550, 0.6510, 0.6487, 0.6449.

The current readings of technical indicators do not contradict the emergence of upward dynamics in the nearest time intervals.

The main conclusion that can be made on the daily chart is that we have approached the historically important level of 0.6515, which may become a reversal level for a correction or even a trend break.

Therefore, the most optimal tactic of work is to search for purchases at lower time frames, after the price has dropped by about 0.5% according to the ipump indicator.

And at this the review came to an end. I wish you profitable trades, remember that your success should not depend on any one trade, you need to try to be in the black at the distance, and for this it is enough to earn only 3 out of 10 trades, how? - your reward to risk ratio should be more than one to three. Therefore, always remember about the 📈 risk (use EasyTradePad for easy calculate risk and placing orders) , consider it correctly and then your trading will be successful! Wish you a successful trading day your SeniorTrader.