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.

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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bullish
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.76% Gold: -1.70% Silver: -3.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FSY60AhcrF
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.53% France 40: 0.48% Wall Street: 0.36% Germany 30: 0.07% FTSE 100: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HMELco8gcz
  • Gold (XAUUSD) - Will the 50% Fib @ $1,763/oz hold this sell-off? #xauusd #gold @DailyFXTeam https://t.co/Oe9jyzvHOt
  • Iran Revolutionary Guards Commander says Iran will avenge killings of scientists as it has in the past - This is in response to reports that an Iranian nuclear scientist has been assassinated
  • Gold takes out both 1800 and 200DMA (1798), support at 1760-65 Silver down 4%, keep in mind, volumes notably thin amid the US Holiday, thus moves are likely exacerbated
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.40%, while traders in France 40 are at opposite extremes with 75.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lGo7KC5qlA
  • UK not accepting EU's fish offer - Sun Reporter $GBP
  • EU sources now saying Barnier won't be armed with this proposal, both sides still far apart - Daily Express https://t.co/LnGQ50eLXj
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.15% 🇳🇿NZD: 0.11% 🇦🇺AUD: 0.08% 🇯🇵JPY: 0.06% 🇨🇭CHF: -0.13% 🇬🇧GBP: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Hg4EBo6N2N
  • What factors are influencing $GBP this quarter? Get your free forecast here:https://t.co/uFoEr9dXhE https://t.co/hwVk99eQQY
Bearish NZD/USD: Longer-Term Range Potential

Bearish NZD/USD: Longer-Term Range Potential

2018-04-18 15:43:00
James Stanley, Strategist
Share:

- DailyFX Quarterly Forecasts have been updated for Q2, and are available directly from the following link: DailyFX Trading Guides, Q2 Forecasts.

- For trading ideas, please check out our Trading Guides. And if you’re looking for something more interactive in nature, please check out our DailyFX Live webinars.

To receive James Stanley’s Analysis directly via email, please sign up here.

This setup is designed to work with the range that’s shown in NZD/USD since the summer of 2016. We’ve been following this setup for some time now, and the door may be opening for short-side exposure as prices are starting to move back-down after spending much of the past two months in this resistance area on the chart. The price of .7335 is especially interesting, as this is the 38.2% Fibonacci retracement of the 2009-2011 major move, and this price has helped to demarcate the resistance zone that’s been at work for more than a year.

NZD/USD Weekly Chart: Range-Bound Since 2016

nzdusd weekly chart

Chart prepared by James Stanley

On a shorter-term basis, price action has started to test this longer-term area of resistance as shorter-term support, and given that we had a fresh weekly low print earlier this morning, the prospect of bearish continuation opens the door for the range to fill-in on a longer-term basis.

NZD/USD Hourly Chart: Lower-Lows, Highs as Bears Test Through Key Level

nzdusd hourly chart

Chart prepared by James Stanley

Stops on the position can be investigated at three possible areas based on how aggressively one wants to trade the move. The more nearby point of reference is this week’s swing high at .7373, and last week’s swing-high can also be used at .7395. On a longer-term basis, the 2018 high at .7437 can be used; and each of these can be justified with an initial target to .7200, at which point stops can be adjusted to break-even. Secondary targets could be sought out above the .7000 psychological level.

NZD/USD Daily Chart: Proximity to Resistance Opens Attractive Risk-Reward

nzdusd daily chart

Chart prepared by James Stanley

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts for Q1 have a section for each major currency, and we also offer a plethora of resources on USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers a plethora of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

--- Written by James Stanley, Strategist for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES