NZDUSD Technical Analysis: The NZD/USD pair continues to trade in a bearish trend during today’s session, as the market shows clear selling pressures that contribute to moving prices down. In this analysis, price behavior and technical indicators will be reviewed to provide an accurate view of the current trend and market expectations.
NZDUSD Technical Analysis: Price Analysis
The NZD/USD pair recorded a high of 0.56614 and a low of 0.56352, while the current price is trading at 0.56526. This shows the continuation of the downward movement in the market within a relatively narrow range. The pair is trading near support levels, reflecting a continued downward trend in the short term.
Technical Analysis
Moving Averages: Prices are trading below the moving average indicators, which supports the downward trend. When prices are below the moving averages, this reflects strong selling pressure on the pair, as the moving averages act as key resistance levels, indicating that any upward bounce is difficult to occur at the moment.
MACD Analysis: The MACD indicator is indicating a negative trend, as the indicator remains below the zero line, highlighting the continuation of the bearish momentum. This indicates that the selling force is still present, which reinforces the idea that the downtrend may continue in the short term.
Trading Outlook:
The NZD/USD pair is expected to remain in a downtrend as long as prices remain below the moving averages. If the selling pressure continues, the pair may test the support levels at 0.56382. If this level is broken, the pair may head to lower levels. However, if an upward bounce occurs, the pair will face resistance at the moving averages and levels near 0.56765.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.56765 | 0.56382 |
| Target Point 1 (TP1) | First resistance: 0.56926 | First support: 0.56170 |
| Target Point 2 (TP2) | Second resistance: 0.57120 | Second support: 0.55910 |
| Stop Loss (SL) | 0.56382 | 0.56765 |
Based on the current technical analysis, the overall trend for the NZD/USD pair remains bearish, with negative signals from the MACD and prices trading below the moving averages. The support level at 0.56382 should be monitored for any potential breakout, while being careful of bullish bounces that may meet strong resistance at the moving averages.
