Antony_NPBFX
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NZD/USD: New Zealand dollar returned to decline 10.02.2023
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on NZD/USD for a better understanding of the current market situation and more efficient trading.
Current trend
The NZD/USD pair shows an active decline, testing 0.6300 for a breakdown. The day before, the instrument made a rather aggressive attempt to grow; however, the "bulls" failed to consolidate at the local highs of February 3.
Meanwhile, the macroeconomic background in both New Zealand and the US remained mixed. Initial Jobless Claims in the US for the week ended February 3 increased from 183.0 thousand to 196.0 thousand, which turned out to be higher than analysts' forecasts of growth to 190.0 thousand, and Contiuing Jobless Claims for the week ended January 27 increased from 1.650 million to 1.688 million, which also turned out to be higher than the expected 1.658 million.
New Zealand data showed an increase in Electronic Card Retail Sales in January by 2.6% after -2.3% in the previous month, while analysts had expected 1.9%. At the same time, in annual terms, the indicator decreased from 4.8% to 2.7%, contrary to forecasts of growth to 9.1%.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range expands, making way to new local lows for the "bears". MACD continues its downtrend, strengthening its sell signal (the histogram is below the signal line). Stochastic, having attempted an upward correction at the beginning of the week, reversed to the horizontal plane, indicating the ambiguous nature of trading at the end of the week.
Resistance levels: 0.6350, 0.6400, 0.6450, 0.6500.
Support levels: 0.6288, 0.6250, 0.6200, 0.6155.
Trading tips
Short positions may be opened after a breakdown of 0.6288 with the target at 0.6200. Stop-loss — 0.6330. Implementation time: 1-2 days.
A rebound from 0.6288 as from support followed by a breakout of 0.6350 may become a signal for opening new long positions with the target at 0.6450. Stop-loss — 0.6300.
Use more opportunities of the NPBFX analytical portal: analytics
You can find more actual analytical reviews on other popular currency pairs, metals and CFDs on the NPBFX online portal. Daily analytics with charts, current market prognoses and trading scenarios in the Feed section are available. Get free and unlimited access to the online portal after registering on the official website of NPBFX Company.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on NZD/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on NZD/USD for a better understanding of the current market situation and more efficient trading.
Current trend
The NZD/USD pair shows an active decline, testing 0.6300 for a breakdown. The day before, the instrument made a rather aggressive attempt to grow; however, the "bulls" failed to consolidate at the local highs of February 3.
Meanwhile, the macroeconomic background in both New Zealand and the US remained mixed. Initial Jobless Claims in the US for the week ended February 3 increased from 183.0 thousand to 196.0 thousand, which turned out to be higher than analysts' forecasts of growth to 190.0 thousand, and Contiuing Jobless Claims for the week ended January 27 increased from 1.650 million to 1.688 million, which also turned out to be higher than the expected 1.658 million.
New Zealand data showed an increase in Electronic Card Retail Sales in January by 2.6% after -2.3% in the previous month, while analysts had expected 1.9%. At the same time, in annual terms, the indicator decreased from 4.8% to 2.7%, contrary to forecasts of growth to 9.1%.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range expands, making way to new local lows for the "bears". MACD continues its downtrend, strengthening its sell signal (the histogram is below the signal line). Stochastic, having attempted an upward correction at the beginning of the week, reversed to the horizontal plane, indicating the ambiguous nature of trading at the end of the week.
Resistance levels: 0.6350, 0.6400, 0.6450, 0.6500.
Support levels: 0.6288, 0.6250, 0.6200, 0.6155.
Trading tips
Short positions may be opened after a breakdown of 0.6288 with the target at 0.6200. Stop-loss — 0.6330. Implementation time: 1-2 days.
A rebound from 0.6288 as from support followed by a breakout of 0.6350 may become a signal for opening new long positions with the target at 0.6450. Stop-loss — 0.6300.
Use more opportunities of the NPBFX analytical portal: analytics
You can find more actual analytical reviews on other popular currency pairs, metals and CFDs on the NPBFX online portal. Daily analytics with charts, current market prognoses and trading scenarios in the Feed section are available. Get free and unlimited access to the online portal after registering on the official website of NPBFX Company.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on NZD/USD and trade efficiently with NPBFX.