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NZD/USD Technical Analysis - NZD/USD Trading: 2024-08-05
NZD/USD Technical Analysis Summary
Above 0.5956
Buy Stop
Below 0.5929
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| 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 rebounding above the 200-day moving average MA(200) after hitting five-day low three days ago. We believe the bullish momentum will continue after the price breaches above the upper bound of Donchian channel at 0.5956. 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 0.5929. 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
New Zealand commodity export prices declined. Will the NZDUSD price rebound continue?
New Zealand commodity export prices declined in July: Australia and New Zealand Banking Group (ANZ) reported its Commodity Price Index, which measures change in average price of the nation's main commodity exports, fell 1.7% over month in July after 1.5% rise previous month. Major contributors in decline were retreating prices for dairy, apples and aluminium. Declining prices for New Zealand export products is bearish for New Zealand dollar and NZDUSD pair. However, the current setup is bullish for the currency pair.
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