fbNZDUSD Forecast | NZDUSD forecast bearish despite better than forecast New Zealand GDP report | IFCMNZDUSD Forecast | NZDUSD forecast bearish despite better than forecast New Zealand GDP report | IFCM

Technical Analysis NZDUSD : 2021-06-17

Recommendation for NZD/USD:

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Strong SellSellNeutralBuyStrong Buy

Below 0.7001

Sell Stop

Above 0.7090

Stop Loss

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Senior Analytical Expert
Articles 1812
Donchian Channel Sell
Fractals Sell
Parabolic SAR Sell

Chart Analysis

IFC Markets Tech Analysis

The NZDUSD technical analysis of the price chart on 1-hour timeframe shows NZDUSD: H1 has fallen below the 200-period moving average MA(200) which is falling itself. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 0.7001. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 0.7090. After placing the order, the stop loss is to be moved to the next fractal high, following Parabolic indicator 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

New Zealand economy grew more than forecast in Q2. Will the NZDUSD retreat reverse?

New Zealand economy grew more than forecast in Q2: Statistics New Zealand reported New Zealand GDP grew 1.6% over quarter in Q2 after 1% decline in Q1, when an 0.5% increase was expected. This is bullish for NZDUSD. However the current setup is bearish for NZDUSD.

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