NZDUSD Technical Analysis: The NZD/USD pair starts its trading today with a clear bearish trend, as the pair witnessed a decline from the highest price recorded so far at 0.5920 to the lowest price at 0.5871, and is currently trading at 0.5876. The daily chart shows that the pair is moving below the main moving averages, which reinforces expectations of weak bullish momentum and supports the possibility of continuing the bearish trend in the short term.
NZDUSD Technical Analysis: Analysis of technical indicators
- Moving Averages:
The price is currently trading below the simple moving averages, which reflects the weakness of the bullish trend and supports the bearish trend. Trading below these averages indicates that the markets are inclined to sell, which reinforces the negative outlook.
- MACD Indicator:
The MACD indicator showed the end of the positive trend and the beginning of the emergence of negative signals, as the indicator began to move away from zero levels in the bearish direction. This indicates that the bullish momentum has lost its strength, and that a flat or bearish trend is currently prevailing.
Forward Outlook:
The NZD/USD pair is expected to continue the bearish trend in the short-term, as prices remain under constant selling pressure. If the pair continues to decline below the 0.5900 level, it may continue to decline towards nearby support levels around 0.5850. In case of strengthening selling pressure, the decline may extend to lower support levels.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.5894 | 0.5867 |
| Target Point 1 (TP1) | First resistance: 0.5904 | First support: 0.5852 |
| Target Point 2 (TP2) | Second resistance: 0.5918 | Second support: 0.5839 |
| Stop Loss (SL) | 0.5867 | 0.5894 |
Based on the current technical analysis, the pair is signaling the beginning of a downtrend with weak upward momentum. Selling pressure remains dominant, opening the door for further declines towards support levels. It is advisable to closely monitor the pair’s movements in case of breaches of current support levels.
