NZDUSD Correction Nears CompletionThe NZDUSD pair is nearing the end of its corrective movement to retest the downtrend line from the 23.6% Fibonacci level, alongside the 100-period moving average on the 4-hour timeframe. I anticipate a bounce from this level, with the price heading towards 0.6150 as the first target and 0.6100 as the second target.
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NZD-USD
NZD/USD Fundamental + Technical Macroeconomic Update | 3.14.23On Wednesday, the S&P/ASX 200 Index increased by 0.8%, going above 7,060. This rise was due to an increase in technology and banking stocks, following similar trends on Wall Street. Investors are hopeful that the worst is over from the collapse of Silicon Valley Bank and Signature Bank. Additionally, a US inflation report that matched expectations calmed the market, with investors betting on a smaller interest rate hike by the Federal Reserve next week. However, recent data shows that Australian consumer sentiment remains at historic lows due to concerns about inflation, interest rates, and the broader economy. Business sentiment also dropped to a three-month low in February. The technology sector was led by Computershare, Block Inc, and Xero, while the "Big Four" banks (CBA, ANZ Group, Westpac, and NAB) also saw gains.
NZDUSD Potential UpsidesHey Traders, NZDUSD was trading in a downtrend, but after Friday's NFP NZDUSD managed to breakout the trend since NFP triggered some USD weakness. We still expect USD to be weak in the short term but remember this is just a part of the quiz as we still have to keep an eye on Tuesday CPI data to have more of a clear image about fed rate hikes expectations. a soft CPI will more likely push fed for a 25 bps rate hike and high CPI should indicate a rate hike of 50 bps and more of a restrictive monetary policy.
Technically i will be watching a potential retrace around 0.61 supply and demand zone.
Feel free to ask any question in the comment section.
Trade safe, Joe.
NZD/USD:Price will continue to Drop After NFP - SHORTInvestor anxiety ahead of the release of US Nonfarm Payrolls (NFP) data has caused the NZD/USD currency pair to fall below 0.6100. The USD Index has rebounded strongly, indicating a recovery in the risk-off sentiment after correcting near 105.13. An increase in the labor cost index could confirm Federal Reserve (Fed) Chair Jerome Powell's fears of persistent inflation and signal more aggressive rate hikes in the future.
As the FX market awaits the NFP data, projections suggest that the US economy added 203K payrolls in February, while the unemployment rate is expected to remain unchanged at 3.4%. The Average Hourly Earnings data could potentially impact market sentiment. Higher wages offered by US firms due to a labor shortage are offsetting the impact of rate hikes from the Fed, and the labor cost index is expected to rise further to 4.7% from the previous release of 4.4%.
On the New Zealand front, weak Consumer Price Index (CPI) data from China indicates that the expected recovery in domestic demand has not materialized despite reopening measures. New Zealand is one of China's major trading partners, and lower demand could weaken NZ exports and affect the New Zealand Dollar.
A buy setup on NZDUSDHey Trader,
I am looking to open a buy position on NZDUSD.
On a Daily TF, Kiwi just made a retest to the previous support zone, after a long bearish momentum forming a tight descending wedge all along the way.
Price broke above the upper band of the wedge and now making a fine turn back to retest an using the previous resistance as support (making the zone a MLoMS).
The entry confirmation would come to play after the break of the current current flag pattern. (Setting a pending order would suffice in this type of entry).
Keep Watching
NZDUSD: Great buy according the 2020 Golden CrossThe NZDUSD pair is on bearish 1D technicals (RSI = 39.193, MACD = 0.004, ADX = 32.603) with the RSI almost turning oversold last week. Having completed a 1D Golden Cross, the first since Jule 2020, while having harmonic Resistance and Support levels with that 2020 fractal, this low price supported on the 1D MA200 is the perfect buy opportunity. Long-term TP = 0.7000 (near R1).
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NZDUSD Potential UpsidesHey Traders, as we noticed some bullish bias on American indices NZDUSD long is one of the trades i would consider due to the positive correlation between the two, if we take a look at smaller timeframes we will notice that NZDUSD was trading in a downtrend and managed to break it out and now is in a correction phase so i will be watching a potential retrace around 0.619 historical demand and supply zone. in case of a decent retrace i would consider 0.64 as a target as it's the next strong resistance NZDUSD will be facing from bigger timeframes. please keep in mind the risky environment this week as we are coming across multiple US data this week including Fed speech tomorrow, NFP on Friday and CPI data next week.
Feel free to ask any question.
Trade safe, Joe.
NZDUSD:Potential UpsidesHey Traders, as the stock market remains bullish and since it correlates positively with NZD pairs i would monitor NZDUSD for a buying opportunity around 0.62 zone, on smaller timeframes i notice the pullbacks are extending and approaching the weekly zone. so i will be watching how the price action will be.
Trade safe, Joe.
NZDUSD, H1 | Bullish bounce?Price is fast approaching a key support level at 0.6201 which saw prices bounce really nicely once in the past. It also happens to coincide with a 50% Fibonacci retracement. Price could bounce from here to reach the next short term swing high resistance at 0.6240.
Failure to bounce could see prices drop to 0.6186 where the 61.8% Fibonacci retracement is.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
NZDUSD Outlook 3rd March 2023Through the trading session yesterday, the NZDUSD reversed down from the 0.6260 resistance level to trade down to the immediate support and round number price level of 0.62.
Although the price bounced from the support level, if the DXY continues to strengthen, look for the NZDUSD to trade lower again to retest the support level, with the potential to break and trade significantly lower.
This move is likely to be invalidated if the price breaks beyond the 50% Fibonacci retracement level.
The next key support level beyond 0.62 is at 0.6131, however, watch out for a possible "hesitation" level at 0.6166.
NZDUSD:Breakout and Potential retraceHey Traders, recently all US data were positive.. market is pricing more rate hikes but when things are priced in market choose to go on the other sense.. so i want to expect more of USD weakness.. especially against Commodities and combined with technicals i think 0.624 is a good zone to consider since it's combine a decent supply and demand zone with a breakout of a downtrend.
Trade safe, Joe.
NZDUSD Potential Forecast | 1st March 2023Fundamental Backdrop
1. RBNZ raised the official cash rate (OCR) by 50 bps to 4.75%.
Technical Confluences
1. Price is on a bearish trend on the daily timeframe, forming lower lows and highs.
2. Price has broken the daily support level and is currently retracing back to the support turned resistance.
3. On the daily timeframe, it seems that price is retracing back to the neckline of the double top formation.
4. Anticipating double top formation to be completed and for price to continue heading bearish.
Idea
I will be looking for price to continue its bearish trend and looking for short entries onto NZDUSD.
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NZDUSD Outlook 1st March 2023The NZDUSD formed a double bottom from the price action overnight, with the price rejecting the 0.6131 price area. This has led the NZDUSD to trade higher to retest the 0.62 round number resistance level.
With no major news for the NZDUSD, the current move on the NZDUSD is primarily due to the retracement in the AUDUSD and the brief weakness in the DXY.
As the price rejected the resistance level overnight, look for the current price action to develop to signal a break of the resistance level to signal further upside potential, with the next key resistance level at 0.6262.
AUDUSD Short Term Sell Forecast
Hello Traders:
First forecast/analysis to share after the long break.
What I see here is a possible short term bearish move from AUDUSD.
We can see on the higher time frame, price has reversed from a double tops price action.
An ascending channel structure, as we know is reversal in nature, hence after the structure completes,
we see price begin to impulsely move down.
This is a good indication for further downside opportunity.
As usual, dont rush to enter, watch for confirmation for the continuation correction to form and complete, before entering the market.
thank you
Jojo
NZDUSD Potential for bearish drop towards overlap supportLooking at the H4 chart, my overall bias for NZDUSD is bearish with the current price being below the Ichimoku cloud. To add confluence to this bias, price is along a descending trendline.
Looking for a sell entry at 0.62032, where the overlap resistance and 23.6% Fibonacci line is. Stop loss will be at 0.62634 where the overlap resistance and 50% Fibonacci line are. Take profit will be at 0.60877, where the overlap support is.
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NZDUSD Potential for Bearish Drop | 28th February 2023Looking at the H4 chart, my overall bias for NZDUSD is bearish with the current price being below the Ichimoku cloud. To add confluence to this bias, price is along a descending trendline.
Looking for a sell entry at 0.62032, where the overlap resistance and 23.6% Fibonacci line is. Stop loss will be at 0.62634 where the overlap resistance and 50% Fibonacci line are. Take profit will be at 0.60877, where the overlap support is.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website
Reversal on NZDUSD?The NZDUSD found the 0.6190 price area on Friday and as the price rebounded from the support level, this formed a Bullish Divergence (the price formed a lower low, while the MACD formed a higher low).
Looking at the 0.64 price area as a possible target level for the reversal.
With the RBNZ interest rate decision due in the week ahead, this could provide an additional driver to the reversal.
Joe Gun2Head Trade - Double top on the daily completeTrade Idea: Selling NZDUSD
Reasoning: Double top confirmed on the Daily. Bearish flag on the 60min.
Entry Level: 0.6153
Take Profit Level: 0.6022
Stop Loss: 0.6177
Risk/Reward: 5.56:1
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NZDUSD - Now Wait For The Bulls!⏰Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
on DAILY: Left Chart
NZDUSD has been trading inside a big range between our support and resistance.
Previously, we were looking for sell setups around resistance. Now since NZDUSD is sitting around the support zone, we will be looking for buy setups on lower timeframes.
on H4: Right Chart
NZDUSD is forming a channel in blue.
For the bulls to take over, we need a momentum candle close above the last major high in gray.
Meanwhile, until the buy is activated, NZDUSD can still trade lower inside the support or even break it downward.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
NZDUSD Potential for Bearish Drop to 50% Fibonacci Line
Looking at the H4 chart, my overall bias for NZDUSD is bearish as the current price is below the Ichimoku Cloud. Looking for a sell entry at 0.61904 where the overlap support is. We are looking to take profit at 0.60262 where the 50% Fibonacci line is, Stop loss will be placed at 0.62646, where the recent swing high is.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.