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Focus on NZD/USD Today – 19th October 2023 

Comprehensive NZD/USD Analysis for October 19, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the NZD/USD for 19th October 2023. 

Key Takeaways 

  • CPI data lower than expected: The decline in price levels means that the monetary policy of RBNZ is no longer tense. The market expects RBNZ to raise interest rates in February next year instead of November this year. 
  • Political changes in New Zealand: The opposition National Party won the parliamentary election. 
  • The U.S. dollar index rose slightly: Federal Reserve Governor Waller changed his tone and said that the Federal Reserve may need to continue to raise interest rates. The U.S. dollar index rose, closing up 0.33% yesterday at 106.58. 

NZD/USD Technical Analysis 

NZD/USD Weekly Chart Insights

NZD/USD Weekly Chart Insights by Ultima Markets MT4
  • Price Action: The pin bar last week suggests that the New Zealand dollar’s downward trend is not over yet. The price has fallen below last week’s low price. 
  • Stochastic oscillator: The indicator once again formed a dead cross in the oversold area, and short-term power prevailed. It is worth noting that due to the weak correction of the exchange rate from September to October, the indicator has the probability of forming a bottom divergence structure. It implies that even if the market falls this week, there is a probability that the price will reverse upward at any time next week. 
  • Fibonacci retracement ratio: The market began to rise in mid-October last year and began to adjust in January this year. It fluctuated slightly at 61.8%. Since it continues to decline this week, the next target is the Fibonacci retracement price of 78.6%. 

NZD/USD 4-hour Chart Analysis

NZD/USD 4-hour Chart Analysis By Ultima Markets MT4
  • Upward channel destruction: The entire upward channel line (red) was completely destroyed after yesterday’s rapid decline, and the short intraday trend is strong. 
  • Price Action: After the market price fell back on the 5-period moving average, it formed a doji structure. Then the exchange rate fell below the low of doji bar, and the short trend was confirmed. 
  • Stochastic oscillator: The indicator crosses over again in the oversold area. Although shorts are crowded, one cannot take risks by entering the market to buy the dip. If you want to go long, you can only wait until the bull trend is established and then observe. 

Ultima Markets MT4 Pivot Indicator 

Ultima Markets MT4 Pivot Indicator for NZD/USD
  • According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 0.58757, 
  • Bullish Scenario: Bullish sentiment prevails above 0.58757, first target 0.59005, second target 0.59448; 
  • Bearish Outlook: In a bearish scenario below 0.58757, first target 0.58322, second target 0.58071. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Contact Ultima Markets

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Ultima Markets Latest Financial News

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2024 Ultima Markets Ltd. All rights reserved. 

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