NZDUSD Technical Analysis: Sideways Trading

NZDUSD Technical Analysis: The NZD/USD pair is trading in a bearish trend today, with a sideways zone emerging. The pair recorded a high of 0.6095 and a low of 0.6071, and is currently trading at 0.6094. These movements indicate limited price fluctuations, despite the general downward trend.

NZDUSD Technical Analysis Developments and Prices:

Prices are currently trading below the moving averages, which reinforces the hypothesis of a continuation of the downward trend. However, it should be noted that there is a sideways zone that may affect price action in the coming period.

Technical Analysis:

Looking at the technical indicators, the MACD indicator shows a negative trend, but with a decrease in the strength of the decline. This weakness may indicate a possible correction or rebound in prices soon, which requires close monitoring of key levels.

Intraday Trading:

Prices are expected to continue the downward trend during the day, with the possibility of testing nearby support levels. Traders are advised to watch the 0.6071 level as a major support, as it may form a point of retracement or a new move.

NZDUSD Technical Analysis

Trading strategies based on Buy/Sell levels

NZDUSD In case of buying           in case of selling
Entry point 0.6113 0.6082
Target Point 1 (TP1) First resistance: 0.6125 First support: 0.6064
Target Point 2 (TP2) Second resistance: 0.6140 Second support: 0.6030
Stop Loss (SL) 0.6082 0.6113

 

The NZD/USD pair is in a downtrend with signs of weakening downside momentum. Traders are advised to focus on price action and watch for opportunities arising from any corrections or trend changes.

Related Articles