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NZD USD Technical Analysis - NZD USD Trading: 2023-08-16
NZD/USD Technical Analysis Summary
Below 0.5930
Sell Stop
Above 0.6117
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
NZD/USD Chart Analysis
NZD/USD Technical Analysis
The technical analysis of the NZDUSD price chart on daily timeframe shows NZDUSD,Daily continues retreating after falling below the 200-day moving average MA(200) which has leveled off. RSI has moved back into neutral zone from oversold zone. We believe the bearish momentum will continue after the price breaches below 0.5930. 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 0.6117. After placing the order, the stop loss is to be moved to the next fractal high indicator, 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
Dairy auction prices accelerated declining in New Zealand. Will the NZDUSD price retreating persist?
Dairy auction prices fell again in New Zealand: the GlobalDairyTrade (GDT) reported the GDT Price Index, which reflects the average price of dairy products sold at auction in New Zealand, dropped by 7.4% after 4.3% fall two weeks ago. Dairy products are a major export income source for New Zealand. This is bearish for NZDUSD. At the same time the Reserve Bank of New Zealand kept the Official Cash Rate (OCR) unchanged, a decision that didn’t lend a support for New Zealand dollar either.
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