NZDUSD Technical Analysis: The NZDUSD pair continues to fluctuate within a weak upside range today, recording a high of 0.6007, a low of 0.5974, and is currently trading at 0.5983. Despite some attempts to rise, the upside trend remains very weak, and the pair seems to be facing selling pressures that led to its decline from its high today.
NZDUSD Technical Analysis: Technical Analysis
- Moving Averages: The pair appears to be trading below the main moving averages, reflecting the dominance of the downside trend in the medium and long term. Trading below these averages indicates weak upward momentum and enhances the possibility of a continuation of the downside trend in case selling pressure continues.
- MACD Indicator: The MACD indicator shows a significant decline in the strength of the positive trend. The indicator reflects the decline in bullish momentum with the convergence of its fast and slow lines, which enhances the chances of a decline or a downward correction for the pair in the short term. This indicates a weak buying momentum and enhances the negative opportunities for the pair.
Future expectations:
In light of the technical analysis, it appears that the uptrend in the NZD/USD pair is very weak, which is reinforced by the price trading below the moving averages and the decline in positive momentum in the MACD indicator. Based on these factors, the pair is likely to continue in the downtrend or witness negative volatility in the short term.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.5993 | 0.5974 |
| Target Point 1 (TP1) | First resistance: 0.6000 | First support: 0.5964 |
| Target Point 2 (TP2) | Second resistance: 0.6010 | Second support: 0.5949 |
| Stop Loss (SL) | 0.5974 | 0.5993 |
The NZD/USD pair is facing weak upward momentum, with selling pressures leading to continued declines. With the price trading below the moving averages and the MACD declining.
further declines or negative corrections can be expected in the short term. The pair could face important support levels at 0.5970 and 0.5950 as potential negative test areas.
