The New Zealand dollar (NZD) kicks off the week at 0.6116, showing minimal change. However, last week saw a 2% dip, pushing the NZD to a five-week low. Economic challenges persist in New Zealand, with the Performance of Services Index (PSI) revealing three contractions in the second half of 2023. November’s PSI improved marginally to 51.2 from October’s 49.2, indicating sluggish growth. Investors await Tuesday’s report for December, seeking insights into the NZD’s
GBPNZD – H1 Timeframe
On the hourly timeframe, GBPNZD is seen to be approaching a key area of supply which overlaps the supply zone on the daily timeframe as well. To provide further confluence, we have a possible head-and-shoulders pattern currently developing on the H1. My sentiment is bearish, with the 100-period moving average as my target.
Analyst’s Expectations:
- Direction: Bearish
- Target: 2.08241
- Invalidation: 2.09687
NZDCAD – H1 Timeframe
NZDCAD made an initial bounce off the demand zone on the Daily timeframe, with the reaction breaking above the previous high to create a new one. This suggests a shift in the trend, meaning we are very likely to see price create a higher low anytime now (especially based on the Fibonacci retracement levels). My sentiment is bullish, with 76% of the Fibonacci as my entry.
Analyst’s Expectations:
- Direction: Bullish
- Target: 0.82459
- Invalidation: 0.81749
NZDUSD – H1 Timeframe
NZDUSD has not given me a clear direction yet based on my trading strategy, which means I will look to tow the price action patiently until the trendline overlapping the 50 and 100 moving averages gets broken. This will help ensure that I take a safer approach rather than an aggressive entry model. Generally, I am eyeing the possibility of a bullish reversal since price is almost at the demand zone on the daily timeframe.
Analyst’s Expectations:
- Direction: Bullish
- Target: 0.61720
- Invalidation: 0.60621
CONCLUSION
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
 kicks off the week at 0.6116, showing minimal change. However, last week saw a 2% dip, pushing the NZD to a five-week low. Economic challenges persist in New Zealand, with the Performance of Services Index (PSI) revealing three contractions in the second half of 2023. November's PSI improved marginally to 51.2 from October's 49.2, indicating sluggish growth. Investors await Tuesday's report for December, seeking insights into the NZD's){kind=link}