NZDUSD Technical Analysis: The New Zealand Dollar pair is trading in an upward trend today, as it recorded its highest price so far at 0.5905 and the lowest price at 0.5825, while it is currently trading at 0.5899.
NZDUSD Technical Analysis: Price Action Analysis
The pair is showing a clear upward movement, as it is trading above the moving averages, which enhances the continuation of the upward trend in the short term. Trading prices above these averages reflects the strength of the positive momentum and gives signals that the upward trend may continue in the coming period.
MACD Indicator:
The MACD indicator indicates a positive shift in the pair’s movement, as the upward momentum continues to strengthen itself. The positive intersection between the MACD line and the signal line reflects the beginning of the upward trend, which opens the way for the continuation of the upward movement in the coming period.
Economic Data Impact:
The pair’s rise comes after the release of negative US economic data, which affected the decline of the US dollar. The weakness of the US currency helped boost the appeal of the New Zealand dollar, pushing the pair higher.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.5908 | 0.5877 |
| Target Point 1 (TP1) | First resistance: 0.5921 | First support: 0.5868 |
| Target Point 2 (TP2) | Second resistance: 0.5942 | Second support: 0.5857 |
| Stop Loss (SL) | 0.5877 | 0.5908 |
Trading above the moving averages with positive signals from the MACD indicator reinforces the expectations of a continued bullish trend for the NZD/USD pair. With the US dollar declining on economic data, the pair is likely to continue maintaining the bullish momentum in the short term.
