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Nzdusdanalysis

NZDUSD: On an Upward Trend, but with Some ConsiderationsGreetings, fellow traders! The past week proved to be just as volatile as the preceding one. After two weeks of trading, the bulls and bears seem to have reached a stalemate. The news from RBNZ initially caused the exchange rate to drop, but it subsequently rebounded by more than 2000 pips throughout last week. Following the breakthrough of the downward trend's high on February 20th, there is technically an upward trend in place. However, it's important to note that the growth spurts are accompanied by deep corrections, indicating that the upward momentum may not be as strong. While the growth seen this week is undeniably impulsive, there are a few key points to consider. Firstly, the high did not surpass the previous peak of the trend. Secondly, an unusual configuration of two consecutive market imbalances has emerged on the daily chart. A similar scenario unfolded in early November last year and was resolved by closing these imbalances prior to the continuation of the upward trend that persisted until the end of the year: The overbought signals generated by our trading strategy indicators are also contributing to the downward pressure. We are currently exploring the possibility of an even deeper retracement into the 0.6050-0.6200 range. Our anticipated point of a decline's completion is around the 0.6110 level, which corresponds to the closure of the lower imbalance. At present, we have entered two sell positions at 0.61539 and 0.61888. We are preparing to close these positions, with a tentative target date around Tuesday, March 12th.
Short
by ForbesRatingN1
1
NZDUSDHello everyone, New week ahead. Looking forward to it! Last week we had red folder news. BTC is pumping, gold is following. I did my TA last night for my point of interset. If you look back at the charts, you can see why I am not putting limits. If I see a big candle pushing in my zone of interest, I am more than happy to watch how it goes and step in after liq crap or the next demand zone. When the entrée come, a 3RR is target, but you can also follow the price to the next interest zone. I try to update when I am taking a position.
by Ghost-Feed
How much longer can the kiwi sell off? How much longer can the kiwi sell off? On Wednesday, the Reserve Bank of New Zealand opted to maintain interest rates, coupling this decision with dovish remarks and forward guidance. Danske Bank economists anticipate a continued decline in NZD/USD in the upcoming year, setting a 12-month target at 0.5700. They think that the RBNZ contrasts with other G10 central banks which are apparently eyeing the start of their respective rate cutting cycles (which might be news to you, considering most expectations for rate cuts from other central banks are repeatedly being pushed back). Nevertheless, this sentiment led to a significant decline in the New Zealand dollar over the past two days, although it seems to be trying to find support. The 100 and 200-day simple moving averages emerge as notable hurdles for bearish sentiment on the daily chart. On the 4-hour chart, the next support level following these moving averages is at 0.6050, a critical level that previously served as resistance in October last year. Sustaining levels above 0.6070 could help sustain a positive outlook with the next target possibly around 0.6140, supported by signals from the RSI.
by BlackBull_Markets
25% chance of RBNZ rate hike on Tues?25% chance of RBNZ rate hike on Tues? The Reserve Bank of New Zealand (RBNZ) is likely to maintain its interest rate at the existing 5.50%, yet there might be a notable 25% probability of a 25-basis points hike. Why? In part, the RBNZ provided a hawkish signal post its recent meeting. The RBNZ's forward guidance suggests an inclination towards future hikes, with the March 2024 outlook adjusted to 5.63%, and December 2024 elevated to 5.66%. ANZ Bank goes a step further, forecasting consecutive rate hikes until April, culminating in a 6.00% OCR. NZ Bank stands alone in predicting a rate hike, the consensus among other market economists leans heavily towards maintaining the status quo. KiwiBank economists share the consensus view that the RBNZ will likely keep the interest rates unchanged. However, they anticipate a continuation of strong language and a “very forceful, hawkish bias,” A Reuters survey resulted in 27 out of 28 economists foreseeing no change. Still, these disparities in predictions highlight the uncertainty surrounding the impending decision and the potential for a significant market reaction depending on the central bank's course of action as well as the language they use to deliver the news. The RBNZ delivers its decision on Tuesday 9:00 pm (US time, UTC -5).
by BlackBull_Markets
NZD/USD Finds Support Amidst Economic HeadwindsNew Zealand Dollar Finds Support Amidst Economic Headwinds The New Zealand Dollar (NZD) has recently discovered support at 0.6090, a critical area marked by previous support levels. This zone features two major supports, the 200-day moving average, and a dynamic trendline, potentially acting as obstacles to further declines. The presence of the 50% Fibonacci level adds an additional layer of potential resistance. Despite these technical factors, the Kiwi faces challenges, as New Zealand's Business PMI and Visitor Arrivals failed to provide the anticipated support. The support zone at 0.6090 holds significance, with multiple key elements converging to create a formidable barrier against further downward movements. The 200-day moving average, dynamic trendline, and the 50% Fibonacci level collectively act as dynamic supports, suggesting a potential reversal in the NZD's trajectory. Market Sentiment Influence: Amidst the challenging economic backdrop, improved market sentiment on the last Friday provided a glimmer of support to the Kiwi. Moderate advances in most European markets and positive Wall Street futures weighed on the Safe-haven USD, indirectly bolstering the NZD. New Zealand Economic Challenges: However, economic data from New Zealand presented a less optimistic picture. Business activity deteriorated in December, and visitor arrivals experienced a significant decline compared to the same period last year. This unfavorable data poses challenges for the Kiwi's strength. Upcoming Events and Outlook: In the upcoming US calendar, market participants will closely watch the Michigan Consumer Sentiment Index, expected to show moderate improvement. Additionally, San Francisco Fed President Mary Daly will conclude the week with her insights. Our Outlook: Despite the economic headwinds, our outlook for the NZD leans towards a new bullish impulse. The strong correlation with the EUR, coupled with the possibility of a decrease in US power, suggests potential upside for the Kiwi. Traders should carefully monitor economic indicators, central bank communications, and global market sentiment to make informed decisions in this evolving landscape. Conclusion: As the New Zealand Dollar navigates a challenging economic environment, the support at 0.6090 presents a potential turning point. While economic data reflects headwinds, the influence of market sentiment and the correlation with the EUR could contribute to a bullish resurgence for the NZD. Traders should remain vigilant and adapt their strategies to the evolving dynamics of the currency markets. Our preference Long positions Above 0.59500 with targets at 0.62500 & 0.63500 in extension.
Long
by FOREXN1
1
NZDUSD is on the verge of a breakout and upward reversal.In a previous analysis of OANDA:NZDUSD , I mentioned that as long as the 0.6 zone remains intact, the decline from the recent high could not be categorized as more than a mere correction. Since then, the pair has consolidated but has remained resiliently above the mentioned level. Last week brought about a new reversal from the support level, and as of the current writing, the pair is pushing for an upward breakout. I believe we will witness this breakout sooner rather than later, with the 0.6350 resistance level as the target in this instance.
Long
by Mihai_Iacob
NZDUSD Long Term Selling Trading IdeaHello Traders In This Chart NZDUSD HOURLY Forex Forecast By FOREX PLANET today NZDUSD analysis 👆 🟢This Chart includes_ (NZDUSD market update) 🟢What is The Next Opportunity on NZDUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexPlanet20