NZDUSD Forecast | NZDUSD bias bullish despite declining trade surplus | IFCM Hong Kong

Technical Analysis NZDUSD : 2020-06-26

Recommendation for NZD/USD:

Buy
Strong SellSellNeutralBuyStrong Buy

Above 0.6449

Buy Stop

Below 0.6418

Stop Loss

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Senior Analytical Expert
Articles 1559
IndicatorValueSignal
RSI Neutral
MACD Buy
Donchian Channel Buy
MA(200) Sell
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

On 1-hour timeframe NZDUSD: H1 is testing the 200-period moving average MA(200) which has leveled off. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 0.6449. 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 0.6418. 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

New Zealand’s trade surplus declined in May. Will the NZDUSD advance halt?

New Zealand’s trade surplus declined in May: the trade surplus declined to NZ$1.25 billion from 1.34 billion in April, when a decline to 1.28 billion was expected. This is bearish for NZDUSD but the pair is biased upward.

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