NZDUSD Technical Analysis: The NZD/USD pair is trading in a strong downtrend today, as it witnessed a noticeable decline after the release of important US economic data.
NZDUSD Technical Analysis Price Analysis:
- Today’s High: 0.6212
- Today’s Low: 0.6142
- Current Price: 0.6161
Strengths and Weaknesses:
- Strengths:
The pair’s decline was driven by the strength of the US dollar after the release of the Non-Farm Employment Change data.
Trading below the moving averages reflects the strength of the downtrend.
- Weaknesses:
Despite the downtrend, there may be opportunities for correction if support signals appear from the market.
Technical Analysis:
- Moving Averages: Trading below the averages confirms the continuation of the downtrend.
- MACD Indicator: Shows strength in the negative trend, supported by an increase in selling demand, which reinforces the negative expectations for the pair.
Outlook:
- The downward pressure on the pair is expected to continue under the current circumstances. Traders should monitor any changes in economic data that may affect the market movement.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.6202 | 0.6132 |
| Target Point 1 (TP1) | First resistance: 0.6224 | First support: 0.6099 |
| Target Point 2 (TP2) | Second resistance: 0.6242 | Second support: 0.6073 |
| Stop Loss (SL) | 0.6132 | 0.6202 |
As the downtrend continues, traders should be cautious and make use of technical indicators to determine appropriate entry and exit points. Continuous market analysis will help in making informed trading decisions.
