NZDUSD Technical Analysis: Bearish Trend

NZDUSD Technical Analysis: The NZDUSD pair is trading in a bearish trend today, as the pair recorded its highest trading price so far at 0.56880 and its lowest price at 0.56456. At the moment, the pair is trading at the level of 0.56512, indicating relative stability within a narrow trading range.

The pair is showing continuous trading below the moving averages indicators on various time frames, which reinforces expectations of a continuation of the downward trend in the short term. The MACD indicator is also showing negative signals, reflecting the increasing selling pressure on the pair at the present time and indicating that the downward trend may continue.

NZDUSD Technical Analysis: Technical Analysis

Moving Averages: Trading below the short and long moving averages reflects the weakness of the upward momentum and confirms the continuation of the downward trend.

  • MACD Indicator: The indicator indicates a clear negative trend, which reinforces the possibility of the continuation of the downward movement in the coming hours.

Trading Outlook for Today:

The pair is expected to continue moving within the bearish trend in the short term.

with a possible test of the nearby support levels at 0.56456. If the selling pressure continues, the pair could witness further decline towards 0.56000. Conversely, a break of the resistance level at 0.56880 may be required to relieve the selling pressure and resume the upward movement, but this scenario seems less likely at the moment.

NZDUSD Technical Analysis

Trading strategies based on Buy/Sell levels

NZDUSD In case of buying           in case of selling
Entry point 0.56649 0.56412
Target Point 1 (TP1) First resistance: 0.56742 First support: 0.56268
Target Point 2 (TP2) Second resistance: 0.56822 Second support: 0.56022
Stop Loss (SL) 0.56412 0.56649

 

The pair is trading in a clear downtrend with negative signals from the moving averages and the MACD. The selling pressure on the pair is expected to continue in the coming hours with the possibility of testing lower support levels.

Related Articles