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NZD/USD Technical Analysis - NZD/USD Trading: 2023-02-06
NZD/USD Technical Analysis Summary
Below 0,631
Sell Stop
Above 0,655
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Neutral |
| MA(200) | Neutral |
| Fractals | Sell |
| Parabolic SAR | Sell |
| Bollinger Bands | Neutral |
NZD/USD Chart Analysis
NZD/USD Technical Analysis
On the daily timeframe, NZDUSD: D1 has broken down the uptrend line. A number of technical analysis indicators formed signals for further decline. We do not rule out a bearish movement if NZDUSD: D1 falls below the 200-day moving average of 0.631. This level can be used as an entry point. The initial risk limit is possibly above the last 2 up fractals and the Parabolic signal: 0.655. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (0.631) without activating the order (0.655), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - NZD/USD
The US released good data on the labor market, while New Zealand is relatively weak. Will NZDUSD quotes continue to decline?
United States Unemployment Rate fell to a 53-year low in January and amounted to 3.4%. Nonfarm Payrolls amounted to 517 thousand jobs in January. This is much better than expected. Investors believe that good economic performance may provoke the Fed to further tighten monetary policy. The New Zealand Unemployment Rate in the 4th quarter of 2022 was also 3.4%. However, unlike the US, New Zealand unemployment is rising from a low of 3.2% in Q1 2022. New Zealand Employment Change amounted to +0.2% q/q. This is worse than expected (+0.7%). On February 6, New Zealand celebrates Waitangi Day. Recall that the next meeting of the Reserve Bank of New Zealand will be held on February 22.
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