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NZD USD Technical Analysis - NZD USD Trading: 2024-08-26
NZD/USD Technical Analysis Summary
Below 0.62086
Sell Stop
Above 0.62315
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Sell |
| 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 eight-month high las session. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 0.62086. 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 0.62315. After placing the order, the stop loss is to be moved to the next fractal high, 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 retail spending fell in June quarter. Will the NZDUSD price retreat?
New Zealand retail spending fell in June quarter. The Statistics New Zealand reported retail sales was down 1.2% quarter over quarter in June quarter after 0.4% rise in Q1 2024 when a 1% decline was expected. The total value of seasonally adjusted retail sales was $30 billion, down 1.3 percent ($379 million). The total value of actual retail sales was $29 billion, down 1.6 percent ($471 million), compared with the June 2023 quarter. Lower than expected New Zealand consumer retail spending is bearish for the New Zealand dollar and hence the NZDUSD pair.
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