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Nzdusdsignal

NZDUSD → Inverted H&S in progressThe FX:NZDUSD pair aims for stability above the psychological resistance of 0.6000 as the market mood has turned bullish due to easing price pressures in the United States economy. The Kiwi asset turns upbeat as investors hope that the Federal Reserve (Fed) is done with hiking interest rates as progress in inflation declining towards 2% is steady. S&P500 futures generated decent gains in the Asian session, indicating a significant improvement in the risk-taking ability of the market participants. The US Dollar Index (DXY) hovers near a two-month low around 104.00. Further action in the US Dollar will be guided by the monthly US Retail Sales data for October, which will be published at 13:30 GMT. As per the consensus, consumer spending contracted by 0.3% against 0.7% growth in September. NZD/USD forms an Inverted Head and Shoulder chart pattern on a daily scale, which indicates a prolonged consolidation. A breakout of the aforementioned chart pattern will result in a bullish reversal. The asset climbs above the 50-day Exponential Moving Average (EMA), which indicates that the major trend has turned bullish. The Relative Strength Index (RSI) (14) aims to shift into the bullish range of 60.00-80.00. If the RSI (14) manages to do so, a bullish momentum will get triggered. More upside would appear if the asset breaks above the neckline of the inverted H&S pattern, which is placed from September 29 high at 0.6050. This will result in further upside towards August 11 high near 0.6090 followed by August 4 high at 0.6133. In an alternate scenario, a breakdown below November 14 low at 0.5863 would drag the asset toward November 2 low at 0.5838. Further decline below the latter would expose the asset to October 26 low at 0.5772.
Long
by tradingconmike
NZD/USD Targets for Election NightFancy selling into uncertainty? This could be a scenario for the NZD/USD in the lead up to the election in New Zealand which is way too close to call for either major political party right now (Labour vs National). Voting has been open all week and closes October 14, with the winner called the same day (but after the close of this trading week). Polls have the right leaning National party carving out a small lead at the moment, but some hiccups have seen this lead shrink in the past week (e.g., The were caught knowingly lying about amount the average person would receive from their promised tax cuts) National has also promised to remove the Reserve Bank of New Zealand's mandate to consider employment in its interest rate decisions, which could shift the central bank to a more dovish bias (as current strong employment figures in NZ are perhaps heightening its proclivity to hike). Combine this with the general uncertainty induced by the election, and some downside targets for the NZD/USD could be charted in anticipation for election night and the Monday following the results. The recent touch point for the 0.5861 is the most obvious target that the pair will have to overcome if it wants to seek lower targets. This would also open up new 2023 lows, with 2022 benchmarks helping set possible targets.
by BlackBull_Markets
DeGRAM | NZDUSD short opportunityNZDUSD is trading in the descending channel. Price pulled back from the support level. There's a kill zone level where resistance level and 50.0% fibo and dymanic resistance On the 4-hourly chart, the market is basically consolidating, meaning that the price will bounce off between the border and the market has already bounced off the upper border. ------------------- Share your opinion in the comments and support the idea with a like. Thanks for your support!
Short
by DeGRAM
2
NZD/USD Stumbles as Chinese Economic Recovery FaltersThe NZD/USD dropped sharply below 0.6100, impacted by China's sluggish economic recovery and the US Dollar's strength. Disappointing Chinese trade data and a narrowed US trade deficit contributed to the decline. Mixed signals from US central bank speakers added complexity. Technically, the NZD/USD is approaching key support levels. Traders now await critical economic data from both China and the US. TRADE IDEA DETAILS CURRENCY PAIR: NZD/USD CURRENT TREND: Bearish, influenced by concerns over China's economic recovery and a strong US Dollar. TRADE SIGNAL: SELL 👉ENTRY PRICE: 0.6050 – The current price level after the NZD/USD slipped below 0.6100 and reached 0.6051. ✅TAKE PROFIT: 0.5985 – The year-to-date (YTD) low. This is a conservative target, based on the bearish outlook. ❌STOP LOSS: 0.6100 – Above the daily high of 0.6109, a level that could signal a reversal of the bearish trend. RISK MANAGEMENT: A tight Stop Loss at 0.6100 helps in limiting potential losses, while the Take Profit at 0.5985 aligns with current market trends and technical support levels. ANALYSIS: Fundamental Analysis: Weak Chinese economic recovery and strong US Dollar are pushing NZD/USD lower. Technical Analysis: The currency pair has fallen below daily EMAs and is approaching a key support level at 0.6031. Breaching this level could expose the 0.6000 figure and YTD low at 0.5985. TRADE PLAN: Monitor China's Upcoming Inflation Data: A further economic downturn in China could increase selling pressure on NZD/USD. Watch US Inflation Data for July: The data may have an impact on USD strength and influence the trade. Assess US Central Bank Communications: Any policy shifts can alter the trade dynamic. Timeframe: A short to medium-term trading window, with constant monitoring of key economic indicators. FINAL THOUGHTS: The NZD/USD pair presents a sell opportunity, driven by negative sentiment around China's economy and US Dollar strength. Proper risk management, adherence to the entry, take profit, and stop loss levels, and continuous monitoring of economic data are vital to this trading strategy.
Short
by RichDadph-FX