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Nzdusdlong

LONG - NZDUSD (D) (30 May 2023)Position Trade - NZDUSD Great Opportunity to go LONG as price reached into Monthly Demand zone In the Weekly Chart, - price is also reaching Weekly Demand - however, the area is not fresh for a good quality trade In the Daily Chart, - Price may rebounce from the fresh area (Daily Demand 1) instead of touching it deeper - This differs from the usual S&D prediction that price may reach deeper to get more BUY orders since the area has been re-touched several times. This serves to test my understanding of this deviation. - We shall see how price behaves - Nevertheless, I will place a pending BUY order in the Daily Chart based on this prediction A pending BUY limit order has been placed in the Daily Chart on 30 May 2023.
Long
by angieh
Market Over-Reacts? NZD tanks more than 2% The New Zealand dollar experienced a significant drop of over 2% on Wednesday, reaching its lowest level in more than three months at $0.6039. This decline followed the Reserve Bank of New Zealand's (RBNZ) expected decision to raise cash rates by 25 basis points to 5.5%. However, the central bank also hinted that it might conclude its tightening campaign, which likely contributed to the currency's decline. In more positive news, inflation expectations eased during the first quarter, dropping from 3.30% to 2.79%, potentially solidifying the RBNZ's choice to halt further rate hikes. Analyzing the 1-hour chart of the NZD/USD pair, it is evident that it broke below the previous swing low at 0.6111. However, the selling momentum may have started to weaken in the past hour, as indicated by the extreme oversold condition of the Relative Strength Index (RSI) and the pair's inability to close below 0.6100. The next target for a downward movement could be 0.6092, which seems to be the level where current sellers feel comfortable probing further. One potential explanation for this slowdown could be the release of the latest Federal Open Market Committee (FOMC) minutes. The minutes revealed a division among Federal Reserve officials during their previous meeting regarding the future direction of interest rates. Some members believed that further rate increases were necessary, while others anticipated a slowdown in economic growth that would negate the need for additional tightening measures. As a result, the committee decided to remove the phrase "additional policy firming may be appropriate" from its post-meeting statement. Market expectations currently indicate that the rate increase in May will be the final one in the current cycle. Furthermore, there is speculation that the Federal Reserve may reduce rates by approximately a quarter percentage point before the year's end. If this prediction holds true, it could be argued that the sharp decline in the New Zealand dollar is an overreaction.
by BlackBull_Markets
NZDUSD - CURRENT SITUATION AND TECHNICAL BIAS#NZDUSD - NZDUSD has been going UP very fast in recent days. The reason for that is because the VIX is down and the strength of the dollar is decreasing. Because of that, every NZD BASED CURRENCY PAIR was BUY. AUD, NZD, CAD, CURRENCIES BUY in these few days due to MARKET RISK ON again this week. For that, the influence of USD was very strong. Fomc update also affected it strongly this time. And RBNZ made a 50 bps RATE HIKE. Therefore, the NZD STRENGTH is increasing very much. - Thus, COMMODITIES are selling quite fast. It also affects the NZD very strongly. - Anyway, NZDUSD can continue to BUY until 0.6550 LEVEL.. Before that, you can SELL at 0.6246 LEVEL.
by benny_marshall
NZD/USD to remain bid ahead of tomorrow's RBNZ meeting?There are a growing number of calls for the RBNZ to deliver a hawkish 25bp hike tomorrow, due to the government's 'inflationary' budget delivered last week. This could also potentially result in the RBNZ upgrading their terminal rate in their quarterly forecasts. NZDUSD is consolidating on the 4-hour chart, having found support above the 200-day EMA. RSI (14) is above 50 and confirming the initial stages of this assumed trend, and OBV (on balance volume) has broken to new cycle highs to suggest underlying bullish pressure. We've identified around the monthly R1 pivot ~0.6340 for an initial upside target, and the near-term bias remains bullish above the 200-day EMA.
Long
by CityIndex
NZDUSD to find buyers at previous resistance?NZDUSD - 24h expiry Previous support located at 0.6275. Previous resistance located at 0.6300. The trend of higher lows is located at 0.6190. Further upside is expected. A move through 0.6300 will confirm the bullish momentum. We look to Buy at 0.6255 (stop at 0.6230) Our profit targets will be 0.6315 and 0.6325 Resistance: 0.6300 / 0.6310 / 0.6325 Support: 0.6275 / 0.6250 / 0.6225 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA
NZDUSD to find buyers at current swing low?NZDUSD - 24h expiry Previous support located at 0.6225. Previous resistance located at 0.6250. Price action looks to be forming a bottom. Risk/Reward would be poor to call a buy from current levels. A move through 0.6250 will confirm the bullish momentum. We look to Buy at 0.6190 (stop at 0.6160) Our profit targets will be 0.6265 and 0.6285 Resistance: 0.6250 / 0.6260 / 0.6275 Support: 0.6225 / 0.6200 / 0.6175 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA