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NZD/USD Technical Analysis - NZD/USD Trading: 2023-09-18
NZD/USD Technical Analysis Summary
Above 0.5918
Buy Stop
Below 0.5894
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| 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 1-hour timeframe shows NZDUSD,H1 is rebounding above the 200-period moving average MA(200) after hitting four-day low last session. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.5918. 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 0.5894. 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 services sector contraction continued in August. Will the NZDUSD price rebounding reverse?
New Zealand services sector contraction continued in August. BusinessNZ reported its Services Index declined to 47.1 in August from 48.0 in July. Readings above 50.0 indicate expansion, below indicate contraction. New Zealand’s services sector experienced its third consecutive drop in activity levels, according to BusinessNZ Services Index, with activity falling almost to the level seen back in January 2022 and well below the long-term average of 53.5 for the survey. Falling New Zealand services sector activity is bearish for New Zealand dollar and the NZDUSD pair. However, the current setup is bullish for NZDUSD.
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