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NZD USD Technical Analysis - NZD USD Trading: 2023-08-31
NZD/USD Technical Analysis Summary
Below 0.5943
Sell Stop
Above 0.5976
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Sell |
NZD/USD Chart Analysis
NZD/USD Technical Analysis
The technical analysis of the NZDUSD price chart on 1-hour timeframe shows NZDUSD,H1 is retracing down toward the 200-period moving average MA(200) after hitting three-week high yesterday. The RSI has formed a bearish divergence pattern. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 0.5943. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 0.5976. After placing the order, the stop loss is to be moved to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - NZD/USD
New Zealand business sentiment improved to over 2-year high. Will the NZDUSD price resume rebounding?
New Zealand business mood improved in August. The Australia New Zealand Bank reported its ANZ Business Confidence Index climbed to -3.7 in August from -13.1 in July - the highest reading since June 2021. Own activity outlook and capacity utilization improved, as well as expectations for profit, investment and ease of credit. Among sectors, residential construction improved further. While the confidence index remained negative -readings above 0.0 indicate optimism, below indicate pessimism – improving New Zealand business confidence is bullish for New Zealand dollar and the NZDUSD pair. However the current setup is bearish for the pair.
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