NZDUSD Technical Analysis: The New Zealand Dollar against the US Dollar (NZD/USD) pair is trading in a bearish trend today, recording a high of 0.5873 and a low of 0.5833. At the moment, the pair is trading around the 0.5847 level. The technical analysis shows that prices are trading below the moving averages, which reinforces the downward trend and supports the strength of the selling pressure in the short term.
NZDUSD Technical Analysis Technical Analysis:
Moving Averages Analysis:
The pair is trading below the moving averages, which indicates that the general trend is bearish. This technical situation reinforces the continuation of the downward movement, as the market shows weakness in attempts to rise and continues to move below technical resistance levels.
MACD Indicator:
The MACD indicator indicates a negative trend, as the MACD line is trading below the signal line, reflecting the negative momentum dominating the market. Moreover, the indicator shows some strength in the selling pressure, as the difference between the two lines is slightly widening. This indicates that there is strength in the selling demand, which reinforces the possibility of the downtrend continuing.
Trading Outlook:
The pair is expected to continue the downtrend as long as it remains trading below the major moving averages. The nearby support levels at 0.5833 will be crucial to determine the next path; if this level is broken, the decline may extend towards 0.5800 or lower. In case of an upward correction, the pair may face strong resistance near 0.5873, as this level will act as a barrier to prevent any potential rises.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.5868 | 0.5831 |
| Target Point 1 (TP1) | First resistance: 0.5884 | First support: 0.5807 |
| Target Point 2 (TP2) | Second resistance: 0.6002 | Second support: 0.5778 |
| Stop Loss (SL) | 0.5831 | 0.5868 |
Technical analysis clearly indicates that the overall trend for the NZD/USD pair is bearish, supported by the price trading below the moving averages and the MACD indicator which highlights the negative trend with strong selling demand. Selling pressure is expected to continue in the coming sessions.
with the support at 0.5833 being an important sign of the next trend. If this support is broken, the decline could extend further, while any upside attempts will remain vulnerable to the resistance at 0.5873.
