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Forex Analysis & Reviews: NZD/USD Technical Analysis and Trading Tips for December 5, 2022
time 05.12.2022 03:25 PM
time Relevance up to, 10.12.2022 01:37 PM

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Today, NZD/USD has broken through the key resistance levels 0.6310 (50 EMA on the weekly chart) and 0.6235 (200 EMA on the daily chart) and continues to move towards resistance levels 0.6590 (144 EMA on the weekly chart), 0.6660 (200 EMA on the weekly chart).

For the third month in a row, NZD/USD continues to develop an upward correction after RBNZ leaders confirmed their inclination to continue the accelerated cycle of raising interest rates in the country in order to combat persistently high inflation.

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Economists believe inflation in New Zealand will remain well above the RBNZ target range of 1%–3% in the next few months.

The signals from the Fed about the possibility of slowing down the pace of tightening monetary policy create additional prerequisites for the growth of NZD/USD.

In this regard, NZD is becoming a leader in strengthening against the US dollar among the world's major currencies.

Since the pair is in the bull market zone (above the levels of 0.6310, 0.6235), long positions with targets at 0.6580, 0.6600, 0.6650, 0.6660 remain preferable. Growth in the zone above the 0.6720 key resistance level (200 EMA on the monthly chart) will mean the final entry of NZD/USD into a long-term bull market zone.

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Alternatively, NZD/USD will return to the area below the 0.6235 support level and head inside the descending channel on the weekly chart, the lower border of which is close to 0.5400. In a negative scenario for NZD and NZD/USD, this mark will become a long-term target for the pair to decline.

The earliest signal to resume short positions in the alternative scenario is a breakdown of support levels 0.6380, 0.6330.

Conversely, a break of today's intraday high at 0.6442 would signal continued bullish momentum for the NZD/USD.

Support levels: 0.6380, 0.6330, 0.6310, 0.6280, 0.6260, 0.6235, 0.6145, 0.6080, 0.6050

Resistance Levels:0.6442, 0.6488, 0.6500, 0.6590, 0.6660, 0.6720

Trading Tips

Sell Stop 0.6320. Stop-Loss 0.6450. Take-Profit 0.6310, 0.6280, 0.6260, 0.6235, 0.6145, 0.6080, 0.6050, 0.5975, 0.5940, 0.5900, 0.5860, 0.5600, 0.5565, 0.5512, 0.5470

Buy Stop 0.6450. Stop-Loss 0.6320. Take-Profit 00.6488, 0.6500, 0.6590, 0.6660, 0.6720

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2023
NZDUSD
New Zealand Dollar vs US Dollar
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