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NZD/USD Technical Analysis - NZD/USD Trading: 2023-08-02
NZD/USD Technical Analysis Summary
Below 0.6091
Sell Stop
Above 0.6168
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Buy |
| Parabolic SAR | Sell |
| Fractals | Neutral |
NZD/USD Chart Analysis
NZD/USD Technical Analysis
The technical analysis of the NZDUSD price chart on 4-hour timeframe shows NZDUSD,H4 has returned under the 200-period moving average MA(200) which is leveling off. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 0.6091. A level above this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 0.6168. After placing the order, the stop loss is to be moved to the next fractal high 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 labor market weakened in second quarter. Will the NZDUSD price continue its retreating?
Statistics New Zealand reported New Zealand unemployment rose in the second quarter and wage inflation showed signs of slowing. The jobless rate climbed to 3.6% from 3.4% in the first quarter when an uptick to 3.5% was expected. At the same time wages for non-government workers rose 4.3% from a year earlier, slowing from 4.5% - the highest since the data were first published in 1993. And average hourly earnings for non-government workers gained 7.7% from a year earlier - down from a record 8.6% annual reading in the third quarter of last year. Higher New Zealand unemployment is bearish for New Zealand currency.
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