NZDUSD Technical Analysis: The New Zealand/Dollar (NZD/USD) pair is trading in a bearish trend today, as the pair retreated from its high during the day at 0.5880 to a low at 0.5850. Currently, the pair is trading at 0.5860, indicating the continuation of the bearish trend amidst the weakness of the upward movement.
NZDUSD Technical Analysis: Technical Analysis
- Moving Averages:
The pair shows prices trading below the main moving average indicators. This indicates that the general trend of the market is still bearish in the short and long term, which increases the possibility of further decline in prices.
- MACD Indicator:
The MACD indicator shows a negative trend with a negative crossover between the MACD line and the signal line. This reflects a strong downtrend, indicating the possibility of the pair continuing to decline in the coming period.
Economic News:
- Today, the US unemployment claims data was released, which came in higher than expected, which negatively affected the US dollar. Although this data supports the pair’s movements in an upward direction in the short term, its impact on the dollar is not enough to push the pair into a strong upward trend due to the weak upward momentum at the moment.
Future expectations:
With the pair continuing to trade below the moving averages, and the MACD indicator trending negatively, the NZD/USD pair is expected to witness further declines in the near term. However, the negative impact of the US unemployment claims data may lead to some temporary corrections in the downward direction.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.5872 | 0.5852 |
| Target Point 1 (TP1) | First resistance: 0.5880 | First support: 0.5841 |
| Target Point 2 (TP2) | Second resistance: 0.5890 | Second support: 0.5821 |
| Stop Loss (SL) | 0.5852 | 0.5872 |
Based on the technical analysis, the NZD/USD pair remains in a downtrend supported by negative technical indicators such as moving averages and MACD. Despite the negative economic data impact on the US dollar, the downtrend is still dominant at the moment, making it likely that the pair will continue to decline, unless new factors emerge that push the market to change direction.
