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NZD USD Technical Analysis - NZD USD Trading: 2024-06-19
NZD/USD Technical Analysis Summary
Below 0.6128
Sell Stop
Above 0.6147
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| 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 retreating under the 200-period moving average MA(200) after a failed test of the MA(200). We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 0.6128. 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 0.6147. After placing the order, the stop loss is to be moved to the next fractal high, following Parabolic indicator 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’s current account deficit narrowed in first quarter. Will the NZDUSD price reverse its retreating?
New Zealand’s current account deficit narrowed more than expected in first quarter: the Statistics New Zealand reported New Zealand recorded NZ $4.36 billion deficit in Q1 after NZ$7.98 billion deficit in Q4 2023, when a narrowing of the deficit to NZ$4.69 billion was expected. This is bullish for New Zealand dollar and the NZDUSD. However, the current setup is bearish for the pair.
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