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New Zealand Dollar / U.S. Dollar

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NZDUSD trade ideas

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
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Long
by ayman_aeh
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