Comprehensive NZD/USD Analysis for December 15, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the NZD/USD for 15th December 2023. 

NZD/USD Key Takeaways 

• USD is in downward trend: The Federal Reserve’s obviously dovish attitude triggered a general depreciation of USD. At present, it depends on the differences in the timing of monetary policy easing between central banks of various countries. More aggressive easing policies may not be able to drive appreciation of other currency. 
• RBNZ is more aggressive: At the end of November, Reserve Bank of New Zealand stated that it would keep interest rates unchanged, and had a strong attitude that interest rates would need to remain at a higher level for a longer period of time. Therefore, from a fundamental point of view, the RBNZ is more hawkish than the Federal Reserve, so the New Zealand dollar still has an appreciation trend in the long term. 

NZD/USD Technical Analysis 

NZD/USD Weekly Chart Insights

• Stochastic Oscillator: The indicator has entered the overbought area and is about to form a short signal, suggesting that the current upward trend may be suspended and oscillate. 
• Downward trend line: Among all non-US currencies, the appreciation trend of the New Zealand dollar is the most tortuous. The main reason is that the exchange rate is close to the downward trend line since January this year. Before it completely breaks through the trend line, the New Zealand dollar still has the probability of further correction and depreciation. 

NZD/USD 4-hour Chart Analysis

• Stochastic oscillator: The indicator has issued a short signal, suggesting that the short-term exchange rate will usher in a correction. 
• Support level: After breaking through the downward trend line yesterday, the New Zealand dollar is in correction. The support price below is looking towards the purple 2400 period moving average and the 50% Fibonacci retracement level. 
• Elliot Wave Theory: The upward trend since October has a complete structure, and there is a probability that the market will continue to consolidate. However, since the consolidation since the end of November has been destroyed, the probability of the exchange rate continuing to rise after a correction is greater. 

Ultima Markets MT4 Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 0.62012, 
• Bullish Scenario: Bullish sentiment prevails above 0.62012, first target 0.62392, second target 0.62872; 
• Bearish Outlook: In a bearish scenario below 0.62012, first target 0.61532, second target 0.61152. 

Conclusion 

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