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
EUR/USD
Bearish
Oil - US Crude
Bearish
Low
High
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
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • 🇦🇺 Wage Price Index YoY (Q2) Actual: 1.8 Expected: 1.9% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2020-08-12
  • The Indian Rupee struggled to benefit from an unexpected RBI rate hold as the Nifty 50 inched closer to invalidating a bearish reversal signal. What is the road ahead for USD/INR? Find out from @ddubrovskyFX here: https://t.co/Zjiay6hQWT https://t.co/Qxgbl7n8NY
  • Heads Up:🇦🇺 Wage Price Index YoY (Q2) due at 01:30 GMT (15min) Expected: 1.9% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2020-08-12
  • If you missed this week's session on IGCS where I discussed recent developments in #SP500, #Gold, $AUDUSD and #Silver, check out the recording here - https://t.co/1Z0NfaJg4z
  • 🇦🇺 Westpac Consumer Confidence Index (AUG) Actual: 79.5 Previous: 87.9 https://www.dailyfx.com/economic-calendar#2020-08-12
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/7ZUOZVxfi8
  • Heads Up:🇦🇺 Westpac Consumer Confidence Index (AUG) due at 00:30 GMT (15min) Previous: 87.9 https://www.dailyfx.com/economic-calendar#2020-08-12
  • The US Dollar may rise on haven demand as US-China tension grows over technology and intra-governmental friction after Trump’s executive orders on coronavirus relief aid. Get your market update from @ZabelinDimitri here:https://t.co/t4CL53z0DV https://t.co/xHGeruppKR
  • Is $AUDJPY readying to extend gains since late March? Prices have lately been trading within the confines of an Ascending Triangle, a bullish continuation pattern To learn more about this chart pattern, read here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/ascending-triangle.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gMW2GfqVvY
  • New Zealand Prime Minister Jacinda Ardern: - No decisions yet on whether to delay election - Dissolution of parliament will be delayed (BBG) #Coronavirus #NewZealand
NZD/JPY Outlook: New Zealand Dollar Decline Resuming?

NZD/JPY Outlook: New Zealand Dollar Decline Resuming?

2019-11-06 05:21:00
Ilya Spivak, Head Strategist, APAC
Share:

NZD/JPY TRADING Strategy: BEARISH

  • New Zealand Dollar may be ready to resume downtrend vs Yen
  • Negative RSI divergence hints at topping near the 70.00 figure
  • Long-term chart setup implies cope for substantial losses ahead

Check out our Q4 Japanese Yen forecast to see what will drive the price trend through year-end!

The New Zealand Dollar may be preparing to resume the downtrend started in December 2018 against the Japanese Yen. Acute negative RSI divergence has emerged on a test of support-turned-resistance in the 69.69-70.27 area, warning of ebbing upward momentum. This might prove to mark a swing top.

In order to be actionable, the setup needs to be confirmed with a break below rising trend support guiding the Kiwi Dollar’s latest upswing through October. A daily close below that would set the stage to retest the 66.67-94 support shelf. Invalidating bearish cues needs a close above falling trend resistance, now at 71.19.

New Zealand Dollar vs Japanese Yen price chart - daily

Daily NZD/JPY chart created with TradingView

A look at the weekly chart suggests ample scope for downside progress. NZD/JPY broke a nine-year uptrend in mid-2018. That has been followed by a decline that most recently cleared long-standing resistance-turned-support in the 68.89-69.72 region.

The way forward may be choppy from here if prices’ last foray into this area – from October 2009 to December 2012 – is any indication. Nevertheless, the bias seems decidedly bearish, with relatively little heavy-duty support on the horizon until are within striking distance of the 60.00 threshold.

NZD/JPY Outlook: New Zealand Dollar Decline Resuming?

Weekly NZD/JPY chart created with TradingView

NZD/JPY TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

DISCLOSURES

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.