The New Zealand currency grew most of all the commodity currencies. It was supported by last week publication of the New Zealand Trade Balance, which exceeded the analysts’ expectations twice.
On the daily chart the dynamics of the pair is seen within two ranges simultaneously. The price bounded from the lower border of the black channel D1 and now is in the resistance zone between the lower border of the blue channel D1, which has been supporting the price for almost two years, and the resistance level of 0.7075.
Today there is no macroeconomical release, which can affect the pair; the more likable scenario is further growing of the pair.
Support and resistance
Support levels: 0.7000, 0.6900, 0.6865, 0.6800.
Resistance levels: 0.7075, 07170, 0.7240.
Trading scenario
Open long positions at the current price, with the target at 0.7100, 0.7170 and stop loss at 0.7030.
Sell the pair at the level of 0.7000 with the target at around 0.6900, 0.6865 and stop loss at 0.7035.