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NZDUSD

GBPAUD MONTHLY analysis short+longTrade Idea: 📍 Entry: 🎯 Target: ⛔ Stop Loss: (MARKED IN CHART) 💡 RISK REWARD 1 : 💰 Risk 1% of your trading capital. ⚠️ Markets can be unpredictable; research before trading.Disclaimer: This trade idea is based on Elliott Wave analysis and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions.Informational onLY !!!!AND IF YOU WANT TO LEARN IT WHAT STOPPING YOU TO ASK HOW ?
by Greenfireforex
NZDUSD challenges two-month-long bullish trendNZDUSD slides beneath a two-month-old rising support line, extending late July’s downside break of the 200-EMA, as New Zealand released mixed second-quarter (Q2) employment data but the sentiment remains sour on US credit rating downgrade. With this, the Kiwi bears are all set to visit March’s low of around 0.6085. However, the late June swing low of around 0.6050 and the 0.6000 psychological magnet could test the pair sellers as the RSI (14) is below 50.0. If not, then May’s bottom of around 0.5985 will act as the last defense of buyers ahead of highlighting a convergence of the five-month-old descending support line and 61.8% Fibonacci retracement of October 2022 to March 2023 upside, near 0.5910. Meanwhile, a daily closing beyond the 200-EMA level of around 0.6225 becomes necessary for the NZDUSD buyers to retake control, at least for the short term. Following that, the 23.6% Fibonacci retracement level of around 0.6300 will be in the spotlight. However, an area comprising multiple levels marked since early February, close to 0.6380-90, quickly followed by July’s high of around 0.6415, should probe the Kiwi pair’s further upside ahead of enabling it to target the yearly top marked in February around 0.6535-40.
by MTradingGlobal
NZDUSD crosses 200-EMA within bearish channel despite RBNZ inactNZDUSD jumps to a three-week high while piercing the 200-EMA even as the Reserve Bank of New Zealand (RBNZ) refrains from lifting interest rates for the first time since October 2021. It’s worth noting, however, that the Kiwi pair remains within a five-month-old bearish channel while approaching the immediate hurdle, namely the previous monthly high of around 0.6250. Should the quote manage to remain firmer past 0.6250, the stated channel’s top line, close to 0.6290, quickly followed by the 0.6300 round figure, will be crucial to watch as a clear break of the same won’t hesitate to challenge the yearly peak marked in February around 0.6540. On the flip side, a daily closing beneath the 200-EMA, around 0.6220 at the latest, can trigger NZDUSD pullback toward the 38.2% Fibonacci retracement level of October 2022 to February 2023 run-up, near 0.6150. Following that, a six-week-old rising support line surrounding 0.6085 and the 50% Fibonacci retracement level of near 0.6030 can test the Kiwi pair sellers. In a case where the quote remains weak past 0.6030, the 0.6000 psychological magnet precedes the stated channel’s bottom line, near 0.5930, to act as the last defense of the buyers. Overall, NZDUSD shrugs off RBNZ’s status quo and is on the way to challenging the bearish chart pattern.
by MTradingGlobal
5 Key Factors Shaping US Dollar Trading This Week5 Key Factors Shaping US Dollar Trading This Week The US dollar is in the midst of a week filled with pivotal events. Together, these fundamental drivers hold the key to understanding the potential shifts in the US dollar's performance throughout the week: - US President Joe Biden announced that a bipartisan agreement has been reached to raise the US debt ceiling of $31.4 trillion, aiming to avoid a default. He has now called on Congress to pass the deal asap. Fitch ratings will remove the “negative watch” rating on the United States when the deal passes or looks likely to pass congress. - The debt ceiling agreement has potentially weakened the safe-haven appeal of the US dollar, leading to an increase in risk appetite in global markets. - The Personal Consumption Expenditures price index, the Federal Reserve's favored inflation measure, rose by 4.4% in April compared to the previous year, up from the 4.2% increase observed in March. This development has raised the probability of a 25-basis-point interest rate hike by the Federal Reserve in June. - Due to the Memorial Day weekend in the US, as well as bank holidays in Europe and the UK, Monday will experience reduced market liquidity. Additionally, institutions are preparing for month-end trading on Wednesday, which could introduce more volatility. - The US payrolls report for May will be released on June 2nd. Recent months have consistently shown better-than-expected job figures. It is anticipated that this week's job numbers will indicate an addition of 180,000 jobs, with a slight increase in the unemployment rate to 3.5%. A tighter job market will reinforce the Federal Reserve's hawkish stance, with strong wage data also providing support if the actual figures surpass estimates.
TVC:DXY
by BlackBull_Markets
Technical Analysis: NZDUSD slumps on RBNZ, 200-DMA and 0.6130 reNZDUSD fails to justify the RBNZ’s 0.25% rate hike as it drops the most in a week after the Interest Rate Decision. The reason could be linked to the New Zealand central bank’s keeping of top rate level and the Governor’s inability to defend the hawkish move. With this, the Kiwi pair drops towards the 200-DMA support of around 0.6150. However, an upward-sloping support line from early March, close to 0.6130 by the press time, may challenge the pair sellers afterward. In a case where the NZDUSD remains bearish past 0.6130,s the yearly low marked in March around 0.6105 and the 0.6100 may act as the last force to stop the sellers. On the contrary, a two-week-old descending resistance line near 0.6305 restricts the immediate upside of the NZDUSD pair during any recovery. Following that, the monthly high of around 0.6385 and the 0.6400 round figure may prod the Kiwi pair buyers before directing them to the yearly high of around 0.6540, printed in February. Overall, NZDUSD is likely to decline further but the room towards the south appears limited.
by MTradingGlobal
NZDUSD bulls struggle to retake control as RBNZ week beginsNZDUSD managed to ignore the US Dollar strength in the last week amid hawkish expectations from the RBNZ. The kiwi pair also bounced off a one-month-old ascending support line, as well as stayed beyond the 200-SMA, to keep the buyers hopeful. However, an expected last rate hike from the New Zealand central bank might pour cold water on the face of the Kiwi pair bulls. Even so, the stated key SMA and immediate support line, respectively near 0.6240 and 0.6210, can challenge the bears before giving them control. Following that, multiple lows marked around 0.6170-60 may rest the downside momentum ahead of highlighting a challenge for the April and May month bottoms, close to 0.6110 and 0.6085 in that order. Alternatively, a surprise hawkish move and the RBNZ’s restrain from pausing the rate hikes may fuel the NZDUSD price. In that case, a five-week-old horizontal support zone near 0.6315 may prod the Kiwi pair buyers. In a case where the pair remains firmer past 0.6315, the monthly high of around 0.6385 may prod the bulls ahead of highlighting the rush towards the yearly high marked in February around 0.6540. Overall, NZDUSD is likely to remain firmer unless any dovish surprise from RBNZ erupts.
by MTradingGlobal
NZDUSD recovery remains unimpressive below 200-SMAAfter defying a three-week losing streak, the NZDUSD pair grinds higher as traders brace for Wednesday’s New Zealand quarterly employment numbers. The quote currently pokes the 100-SMA barrier surrounding 0.6190 while also eyeing a one-month-old downward-sloping resistance line, close to 0.6205 by the press time. Given the bullish MACD signals, the Kiwi pair is likely to overcome the nearby hurdle. However, the RSI is close to the overbought territory and hence suggests limited upside room for the pair before hitting a roadblock, which in turn highlights the 200-SMA as the key resistance, close to 0.6220 by the press time. In a case where the Kiwi pair buyers manage to keep the reins past 0.6220, the odds of witnessing a run-up toward the mid-April high of around 0.6315 can’t be ruled out. Though, any further advances could challenge the yearly high marked in April around 0.6380. Meanwhile, pullback moves could gain attention on a downside break of the 0.6190-85 support zone comprising 100-SMA and the April 25 high. Following that, the NZDUSD pair can witness multiple supports near 0.6120 and 0.6100 round figure ahead of targeting the YTD bottom marked in March around 0.6085. It’s worth mentioning, however, that the quote’s weakness past 0.6085 can make the pair vulnerable to dropping toward the 0.6000 psychological magnet. Overall, NZDUSD is in a bearish consolidation mode ahead of crucial New Zealand data.
by MTradingGlobal
NZDUSD bulls eyes 0.6400 as RBNZ surprises marketsNZDUSD extends the early March’s bearish consolidation inside a three-week-old ascending trend channel as RBNZ announces the 11th consecutive rate increase. More importantly, the New Zealand central bank pleases the Kiwi bulls to renew the 7-week top by a surprise 0.50% rate hike versus the 0.25% expected. It’s worth noting, however, that the RSI conditions approach overbought territory and hence a horizontal area comprising tops marked during early February, surrounding 0.6390, appears a tough nut to crack for the NZDUSD buyers. Also acting as an upside filter is the late January swing low near 0.6415, a break of which can propel prices towards the YTD high marked in February around 0.6540. Meanwhile, sellers need validation from the previous resistance line stretched from early March, around 0.6305, as well as the 0.6300 round figure, to retake control. Even so, a convergence of the stated channel’s bottom line and the 200-SMA, close to 0.6210, restricts the short-term NZDUSD downside. Also acting as immediate downside support is the 0.6200 round figure. In a case where the Kiwi pair remains bearish past 0.6200, the 0.6150 and 0.6130 levels mark probe the sellers before directing them to the yearly low of around 0.6085. Overall, NZDUSD suggests the continuation of a three-week-old zig-zag run-up unless the US data surprises traders.
by MTradingGlobal
NZDUSD bears struggle with 200-DMA on RBNZ dayNZDUSD dribbles around a seven-week low as the Reserve Bank of New Zealand (RBNZ) announced a 0.50% rate hike on Wednesday. In doing so, the Kiwi pair fades the previous week’s bounce off 200-DMA amid a nearly oversold RSI (14). That said, bearish MACD signals and an early February reversal from a six-month-old ascending resistance line keep the sellers hopeful of breaking the 0.6185 DMA support. Following that, the September 2022 high of near 0.6160 acts as an extra filter towards the south, a break of which could quickly drag the quote to the last July’s bottom of 0.6060. It’s worth observing that the pair’s weakness past 0.6060 won’t hesitate to break the 0.6000 psychological magnet. Meanwhile, recovery moves need a daily closing beyond the three-week-old resistance line, close to 0.6275 by the press time, to convince NZDUSD bulls. In a case where the Kiwi pair manages to cross the 0.6275 hurdle, the previous weekly top surrounding 0.6390 and the 0.6400 round figure could challenge the upside momentum. During the quote’s sustained run-up beyond 0.6400, the previously mentioned ascending resistance line near 0.6545 precedes the double tops marked during late 2022, around 0.6570-75, which will be a tough nut to crack for the bulls before retaking control. Overall, NZDUSD is likely to remain on the bear’s radar and hints at more downside on the RBNZ day.
by MTradingGlobal
NZDUSD upside appears limited as the key week beginsBe it New Zealand’s quarterly jobs report or China’s return after Lunar New Year (LNY) holidays, not to forget the Federal Reserve’s monetary policy meeting, NZDUSD has an interesting week ahead. However, the bulls appear running out of steam after a four-week winning streak. The reason could be linked to the overbought RSI and multiple attempts to cross the upward-sloping resistance line from early June, close to 0.6525 by the press time. Even if the quote manages to cross the 0.6525 hurdle, a nine-month-old horizontal resistance near 0.6570 will be crucial as a break of which opens the door for the north-run towards the 78.6% Fibonacci retracement level of the April-October downturn, around 0.6700. Alternatively, the 61.8% Fibonacci retracement level, also known as the golden ratio, restricts the immediate downside of the NZDUSD pair around 0.6450. Following that, an ascending support line from early November, close to 0.6390, could act as the last defense for the Kiwi pair buyers. It should be noted that the quote’s weakness past 0.6390 could make it vulnerable to testing the 50% Fibonacci retracement level and the 200-DMA, respectively near 0.6270 and 0.6190. Overall, NZDUSD has bright opportunities to take entries but it all depends upon fundamental data/events and hence a cautious move is advisable.
by MTradingGlobal