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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here:
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here:
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:
  • A proxy of #EmergingMarket capital flows hit its lowest since July, falling with the #SP500 after some divergence This is as #USD gained against its developing FX counterparts, highlighting potential risk of a spillover outwards Stay tuned for next week's #ASEAN fundy outlook!
Consolidation or Breakdown in NZD/USD?

Consolidation or Breakdown in NZD/USD?

2015-05-01 12:15:00
Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Kiwi stuck between two trendlines
  • Possible double top setting up on daily chart

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

A quick glance at the NZD/USD daily chart will reveal that the exchange rate has been beholden to a set of trendlines over the past couple of weeks. On the upside, the line connecting the October and January highs is currently at .7700 and has proven to be strong resistance over the past couple of weeks on a closing basis. The lower trendline now just under .7600 connects the March and mid-April lows and has been a solid area of support these past few days. With these lines getting closer to each other each trading day we can only assume that a directional break of some sort is coming. Wednesday’s reversal occurred during a cycle turn window and the price action over the past few weeks has set up a pretty clear potential double top. All things considered this would seem to favor a downside resolution. A daily close under .7590 or a break of the double top trigger at .7540 should confirm that a move lower of some importance is underway. A daily settlement over .7700, on the other hand, would set the stage for a more important push higher in the Kiwi.

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

NZD/USD Daily Chart: May 1, 2015

Consolidation or Breakdown in NZD/USD?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk in the Week Ahead:

Consolidation or Breakdown in NZD/USD?


Resistance: .7700 (Trendline), .7740 (April high)

Support: .7540 (Late April low) .7520 (Fibonacci)

Strategy: Sell NZD/USD

Entry: Sell NZD/USD on a weekly close below .7590

Stop: Daily close above .7700

Target: Open

--- Written by Kristian Kerr, Senior Currency Strategist for

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

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