News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Price & Time: Looking For A Range Low In NZD/USD Next Week

Price & Time: Looking For A Range Low In NZD/USD Next Week

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Turn window ahead in NZD/USD
  • Important support levels near .8400

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

NZD/USD has been under steady pressure since peaking out at the beginning of the month near important Gann resistance at .8770 (8th square root relationship of the year-to-date low). On Wednesday the exchange rate finally closed below the late April .8515 low triggering a double top type pattern on the daily charts. According to classic technical analysis this is the time to sell. Cyclical analysis paints a different picture, however, as the next few days look quite important for the exchange rate from a timing perspective. From where we stand the rate actually looks quite vulnerable to a short-term reversal which at a minimum should give better levels to sell next month if not prompt a full on resumption higher. New trend lows in the Kiw after early next week would nullify this near-term positive outlook.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

NZD/USD Chart: May 29, 2014

Price & Time: Looking For A Range Low In NZD/USD Next Week

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk Early Next Week:

Price & Time: Looking For A Range Low In NZD/USD Next Week

LEVELS TO WATCH

Resistance: .8505 (Gann), .8560 (Gann)

Support: .8415 (Fibonacci), .8470 (Gann)

Strategy: Buy NZD/USD Next Week

Entry: Buy NZD/USD next week at .8415

Stop: 1-day close below .8370

Target: .8560

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES