NZDUSD towed by bears after business confidence slump further.
“Latest economic data form New Zealand pose worrisome outlook for investors.”
NZDUSD lurked in the lower boundaries, off from recent high due to pessimistic economic data from the region. For December, New Zealand’s Business Confidence plummet to record low of -70, spurred by worries towards possible recession in 2023. Nonetheless, its losses were limited as for now due to possible policy pivot from Federal Reserve as recent data from US shows depreciation in inflation.
Quick recap on NZDUSD
The pair failed to extend its prior upside tilted momentum, opening the doors for a possible retracement in near term.
NZDUSD Weekly Technical Analysis
From weekly perspective, bearish momentum from the upside is apparent due to forceful pressure that limit any gains.
NZDUSD Daily Technical Analysis
From daily perspective, MACD begins to form bearish momentum whereby a close below nearest support may warrant for such hypothesis.
ORDER: SELL STOP
STOP LOSS: 0.6340
Target 1: 0.6215
Target 2: 0.6155
ZFX Analyst’s Comment
All in all, the pair poses significant threat to make a move towards the downside, albeit for short-term as long-term outlook remains tilted towards the upside.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!