FPG NZDUSD Market Report December 26, 2024

The NZDUSD analysis on the Weekly timeframe focuses on the mid-term trader's perspective, offering insights into the pair's recent performance and potential future movements. Currently, the price stands at approximately 0.56491, marking a breach below both Support-1 (0.58501) and Support-2 levels, signaling a significant weakening trend.

Previously, NZDUSD moved within a defined sideways range, fluctuating between Resistance-1 (0.63907) and Support-1 (0.58501). However, over the past several weeks, the pair has experienced pronounced downward momentum, culminating in its lowest price levels in recent years. This sustained depreciation highlights persistent bearish pressure in the market.

Technical indicators further emphasize the current dynamics. The Stochastic oscillator reveals a deeply oversold condition, which often suggests potential for a reversal; however, there is still no clear evidence of a recovery. Concurrently, the Bollinger Bands remain expanded, a sign that the market is likely to sustain elevated volatility. These conditions warrant careful observation for traders as the pair may either stabilize or continue to exhibit sharp movements in the coming weeks.

Market Observation & Strategy Advice:

1.Key Level to Watch: (Support/Resistance) Price around 0.57680

2.Reversal Possibility: If the Stochastic level has exceeded level 20, get ready for a price action strategy

3.Buy Strategy: If the price successfully breaks above the 0.57680 level and the Stochastic indicator rises above 20, traders may consider initiating a Long position.

Market Performance:

Pair Last Price % Change

EUR/USD 1.0397 -0.08%

GBP/USD 1.2541 -0.12%

JPY/USD 0.0064 +0.13%

Today's Key Economic Calendar:

JP: Housing Starts YoY

FR: Unemployment Benefit Claims

US: Initial Jobless Claims

Risk Disclaimer This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.