NZDUSD Technical Analysis: Bearish Trading

NZDUSD Technical Analysis: The NZDUSD pair is trading in a bearish trend during the American session today. The pair recorded a high of 0.6073 and a low of 0.6043, while the current price is 0.6044.

NZDUSD Technical Analysis: Price Analysis and Trading

The pair witnessed a significant decline after the release of positive US economic data, including retail sales, which contributed to strengthening the dollar.

Technical Indicators

When reviewing the chart, we notice that prices are trading below the moving averages, which reinforces the downward trend. The MACD indicator also shows a negative trend, but there are some signs of weakness in the downward force, which may indicate a possible correction.

Fundamental Analysis and Economic News

The release of positive US economic data may lead to strengthening the dollar, which negatively affects the NZDUSD pair. In the event that other positive data is released, we may see more pressure on this pair. If the data comes out negative, it could provide an opportunity for a correction.

Today’s Trading Outlook

If the downtrend continues, we could see further declines towards new support levels. However, any signs of a recovery should be monitored, especially if the upcoming economic news comes unexpectedly.

NZDUSD Technical Analysis

Trading strategies based on Buy/Sell levels

NZDUSD In case of buying           in case of selling
Entry point 0.6075 0.6041
Target Point 1 (TP1) First resistance: 0.6087 First support: 0.6022
Target Point 2 (TP2) Second resistance: 0.6109 Second support: 0.6000
Stop Loss (SL) 0.6041 0.6075

 

Based on the current analysis, traders are advised to carefully monitor price action and technical analysis, while reacting well to upcoming economic data to ensure informed trading decisions.

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