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NZD USD Technical Analysis - NZD USD Trading: 2020-12-09
NZD/USD Technical Analysis Summary
Below 0,7
Sell Stop
Above 0,71
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Sell |
| Bollinger Bands | Neutral |
NZD/USD Chart Analysis
NZD/USD Technical Analysis
On the daily timeframe, USDNZD: D1 is correcting down from the high since April 2018. It broke down the uptrend support line. A number of technical analysis indicators formed signals for further decline. We do not rule out a bearish move if USDNZD falls below its latest low: 0.7. This level can be used as an entry point. We can place a stop loss above the last upper fractal and Parabolic signal: 0.71. After opening a pending order, we move the stop loss to the next fractal maximum following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (0.71) without activating the order (0.7), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.
Fundamental Analysis of Forex - NZD/USD
Macroeconomic forecasts for New Zealand are moderately negative. Will the USDNZD quotes continue to decline?
Е-card retail sales for November will be released on December 10, and New Zealand Manufacturing PMI from BusinessNZ - on December 11. The preliminary forecasts are moderately negative. Note that the next meeting of the Central Bank of New Zealand will not be soon - it is scheduled for February 24, 2021. Accordingly, the NZDUSD dynamics will depend on the US dollar index fluctuations. In addition, the New Zealand dollar is highly dependent on the performance of the Chinese economy and the renminbi, as China is New Zealand's main trading partner.
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