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Old 02-07-2019, 11:36
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Default Re: Tifia Daily Market Analytics

NZD/USD: Trading Recommendations

Business confidence in New Zealand continues to fall. This was announced on Tuesday by the New Zealand Economic Research Institute (NZIER). The overall business attitude indicator (NZIER business confidence index) fell in Q2 from -29% to -34%, its lowest level in 10 years.
After the publication of this data, the New Zealand dollar fell, remaining under pressure from Monday after the G20 summit ended last weekend and after the publication of weak economic data from China on Monday.
China is the largest trade and economic partner of New Zealand, buying in this country a significant amount of agricultural production.
At the end of last month, the RBNZ retained the rate at 1.50%, having reduced it earlier in May by 0.25%, which was the first decrease in the key interest rate of the Reserve Bank of New Zealand since 2016. At the same time, the bank lowered its forecast for the rate to 1.4% in the short term.
On Tuesday, we are waiting for the publication (in the period after 13:45 GMT) of the data with the results of the dairy auction. Two weeks ago, the price index for dairy products, prepared by Global Dairy Trade, came out with a value of -3.8%. The next drop in world prices for dairy products (forecast: -3.6%) will put pressure on the New Zealand dollar.
Below the key resistance level of 0.6715 (ЕМА200 on the daily chart) short positions are preferable; long-term bearish trend started from 0.8820 in July 2014, prevails. A break of the short-term support level of 0.6653 (EMA200 on the 1-hour chart) will signal a resumption of sales with targets at the support levels of 0.6490 (2019 lows), 0.6430 (2018 lows), 0.6260 (Fibonacci 0% level and minimums of the global decline wave of the pair with level 0.8820, which began in July 2014).
Support Levels: 0.6653, 0.6610, 0.6585, 0.6560, 0.6490, 0.6430, 0.6400, 0.6300, 0.6260
Resistance Levels: 0.6715, 0.6726, 0.6800, 0.6865, 0.6920

Trading Recommendations

Sell Stop 0.6645. Stop Loss 0.6690. Take-Profit 0.6610, 0.6585, 0.6560, 0.6490, 0.6430, 0.6400, 0.6300, 0.6260
Buy Stop 0.6690. Stop Loss 0.6645. Take-Profit 0.6715, 0.6800, 0.6865, 0.6920

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