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NZD/USD Technical Analysis - NZD/USD Trading: 2024-04-10
NZD/USD Technical Analysis Summary
Above 0.6077
Buy Stop
Below 0.6047
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Buy |
| Parabolic SAR | Buy |
NZD/USD Chart Analysis
NZD/USD Technical Analysis
The technical analysis of the NZDUSD price chart on 4-hour timeframe shows NZDUSD,H4 is testing the 200-period moving average MA(200) which is declining itself. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.6077. 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 0.6047. 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’s business confidence deteriorated in the first quarter. Will the NZDUSD price rebound continue?
New Zealand’s business confidence deteriorated markedly in the first quarter. New Zealand Institute of Economic Research (NZIER) reported its Business Confidence index fell to -25 from -2 in the fourth quarter of 2023. Business confidence is falling together with weakening demand. A net 24 percent of businesses in the March quarter expect a deterioration in the general economic outlook over the coming months. And net 23 percent of firms reported a decline in activity over the March quarter. This is a marked deterioration from the net 7 percent of businesses which had reported increased activity in the previous quarter. Declining New Zealand business confidence is bearish for New Zealand currency and the NZDUSD currency pair. However, the current setup is bullish for NZDUSD.
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