NZDUSD Technical Analysis: Weak Downside

NZDUSD Technical Analysis: The NZD/USD pair is trading in a bearish trend today, but with signs of a possible upside move. The pair recorded a high of 0.5999 and a low of 0.5948 so far, reflecting increased price volatility.

NZDUSD Technical Analysis Technical Analysis:

Price action is showing trading below the moving averages, supporting the overall downtrend. However, signs of a weakening trend have emerged, as an upward movement has begun to emerge, although it is still in its early stages. The MACD indicator indicates the end of the downtrend and the beginning of the positive trend, reflecting a possible change in momentum.

Forecast:

Despite the signs of an upside move, the overall trend for the pair remains bearish. Traders should monitor key technical levels, with 0.5948 potentially acting as a key support. If the price continues to rise above the 0.5999 level, it could be a sign of a bigger trend shift.

NZDUSD Technical Analysis

Trading strategies based on Buy/Sell levels

NZDUSD In case of buying           in case of selling
Entry point 0.5993 0.5953
Target Point 1 (TP1) First resistance: 0.6012 First support: 0.5925
Target Point 2 (TP2) Second resistance: 0.6022 Second support: 0.5906
Stop Loss (SL) 0.5953 0.5993

 

While the NZD/USD pair is showing a bearish trend, the emergence of bullish signals opens the door to the possibility of a change. Traders should carefully follow technical movements and constantly evaluate economic data to better understand the overall trend.

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