fbNZDUSD Forecast | NZDUSD forecast bullish despite ANZ Business Confidence miss | IFCM India

Technical Analysis NZDUSD : 2021-04-08

Recommendation for NZD/USD:

Buy
Strong SellSellNeutralBuyStrong Buy

Above 0.7052

Buy Stop

Below 0.7014

Stop Loss

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Senior Analytical Expert
Articles 1753
IndicatorValueSignal
RSI Neutral
MACD Buy
Donchian Channel Buy
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

The NZDUSD technical analysis of the price chart on 1-hour timeframe shows EURUSD: H1 is testing the support turned into resistance above the 200-period moving average MA(200) which is level. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 0.7052. 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 0.7014. 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

New Zealand’s business sentiment continued to deteriorate. Will the NZDUSD rebound reverse?

New Zealand’s business sentiment continued to deteriorate: Australia and New Zealand Banking Group reported ANZ Business Confidence Index declined to negative 8.4 for April from negative 4.1 in March according to preliminary results. This is bearish for NZDUSD. However, technical setup is bullish for NZDUSD.

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