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NZD USD Technical Analysis - NZD USD Trading: 2024-07-08
NZD/USD Technical Analysis Summary
Above 0.6153
Buy Stop
Below 0.6069
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Buy |
NZD/USD Chart Analysis
NZD/USD Technical Analysis
The technical analysis of the NZDUSD price chart on daily timeframe shows NZDUSD,Daily is rebounding above the 200-day moving average MA(200) after testing MA(200) a week ago. We believe the bullish momentum will continue after the price breaches above the upper bound of Donchian channel at 0.6153. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 0.6069. After placing the order, the stop loss is to be moved to the next fractal low 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 continued declining in New Zealand. Will the NZDUSD price rebound continue?
Dairy auction prices continued declining in New Zealand and at faster pace: the GlobalDairyTrade (GDT) data indicated the GDT Price Index, which measures the average price of dairy products sold at auction in New Zealand, fell 6.9% after 0.5% decline two weeks previously. At the same time New Zealand Building Permits continued falling: the number of building consents issued for new dwellings in New Zealand shrank by 1.7% over month to a seasonally adjusted 3,175 units in May, following an upwardly revised 2.1% drop in the prior month. Dairy products are a major export income source for New Zealand. Accelerating decline in prices of main New Zealand export product and continuing decline in building permits are bearish for New Zealand dollar and NZDUSD pair. However the current setup is bullish for the pair.
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