The US dollar holds the edge

The US dollar continues to strengthen its position against the basket of currencies based on positive data on sales in the secondary housing market in the US. According to published data, sales in the secondary housing market in the US in September amounted to 5.39M, against the previous value of 5.35M. As a percentage, the growth was 0.7%, against the decline in the previous period at the level of -1.7%.

Technical analysis: The pair NZD/USD continues to lose ground because of the strengthening of the US dollar. The support level is considered in the area of 0.6900-0.6880. The resistance level is considered in the area of 0.7000-0.7035.

Computer analysis: The Bull Divergence is formed on the chart H1 on the MACD indicator. Also, H4 Stochastic Oscilliator on the chart indicates the oversold of the tool. So, it is necessary to expect an upward correction of the tool.

The main recommendations. The main recommendation is the purchase of a pair in the area of 0.6900-0.6880, with the corresponding confirmation of the indicators on the charts H1 and H4.

Fig. Current price of NZD/USD – 0.6961

Alexander Sivtsov