💰Take Profit 1 - 0.5877
💰Take Profit 2 - 0.5827
💰Take Profit 3 - 0.5777
❌ Stop loss - 0.6057
Technical analysis:
The NZDUSD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 0.5957, and a sell entry point of 0.5957 is just below the recent high of 0.6057.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The New Zealand dollar is generally seen as a commodity currency, and it has been weakening against the US dollar as concerns about the global economy have grown.
Second, the Reserve Bank of New Zealand (RBNZ) is expected to raise interest rates more slowly than the US Federal Reserve (Fed), which could put downward pressure on the NZD against the USD.
Finally, the New Zealand economy is expected to grow more slowly than the US economy in the near term. This is due to a number of factors, including the ongoing trade tensions with China.
Risks:
There are a few risks to consider before entering a trade on NZDUSD. First, the global economy could improve, which could lead to a rise in NZDUSD.
Second, the RBNZ could raise interest rates more quickly than expected, which could also put upward pressure on the NZDUSD.
Finally, the Chinese economy could recover more quickly than expected, which could also put upward pressure on the NZDUSD.
💰Take Profit 2 - 0.5827
💰Take Profit 3 - 0.5777
❌ Stop loss - 0.6057
Technical analysis:
The NZDUSD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 0.5957, and a sell entry point of 0.5957 is just below the recent high of 0.6057.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The New Zealand dollar is generally seen as a commodity currency, and it has been weakening against the US dollar as concerns about the global economy have grown.
Second, the Reserve Bank of New Zealand (RBNZ) is expected to raise interest rates more slowly than the US Federal Reserve (Fed), which could put downward pressure on the NZD against the USD.
Finally, the New Zealand economy is expected to grow more slowly than the US economy in the near term. This is due to a number of factors, including the ongoing trade tensions with China.
Risks:
There are a few risks to consider before entering a trade on NZDUSD. First, the global economy could improve, which could lead to a rise in NZDUSD.
Second, the RBNZ could raise interest rates more quickly than expected, which could also put upward pressure on the NZDUSD.
Finally, the Chinese economy could recover more quickly than expected, which could also put upward pressure on the NZDUSD.