Technical Analysis for NZD/USD : The New Zealand dollar continues to benefit from the positive sentiment in global markets, supported by strong domestic labor market data and expectations of continued hawkish monetary policy from the Reserve Bank of New Zealand.
Conversely, the US dollar is gradually declining as expectations of a rate hike fade and expectations of a hold increase over the next quarter
Technical Indicator Analysis
Moving Averages
The price remains above the three moving averages.
The averages are still sloping upward.
MACD
The beginning of a decline in bullish momentum.
But no strong reversal signal has emerged yet.
Stochastic
Trenching down from the overbought zone.
Indicates a possible additional short-term correction.
Possible Scenarios
Bullish Scenario
Price stability above 0.5990 restores bullish momentum.
A break of 0.6010 re-targets 0.6033 and then 0.6050.
Bearish Scenario
A break of 0.5990 opens the way to 0.5971.
A break of 0.5971 triggers a deeper correction to 0.5952
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | NZD/USD |
| 0.60100 | 0.59714 | Entry point |
| First resistance: 0.60336 | First support: 0.59521 | Target Point 1 (TP1) |
| Second resistance 0.60035 | Second support 0.59292 | Target Point 2 (TP2) |
| 0.59714 | 0.60100 | Stop Loss (SL) |
The NZD/USD pair is undergoing a natural technical correction within an uptrend, and as long as the price remains above 0.5971, the positive momentum remains intact.
A rebound from this area could be used to re-enter long positions.
Best Scenario: Buy from 0.5971 or after a breakout of 0.6010, with a stop loss below 0.5950
