Technical analysis 15.07.19

NZDUSD

The pair is trading at the resistance level of 0.6720 due to the expected weakness of the USD caused by the corrected downwards second quarter GDP forecasts and expected retail figures and volumes that are to be published this Tuesday. Moreover, the pair is supported by the predicted growth of consumer inflation in New Zealand, which also would be confirmed by tomorrow’s data.

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is below the overbought territory, Stoch are already there.

Trading recommendations:

Buy the pair after it goes above 0.6720 and takes hold there with a possibility to go further up to 0.6780 or even further to 0.6800.