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
Oil - US Crude
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
More View more
Real Time News
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.01% FTSE 100: -0.06% Germany 30: -0.07% Wall Street: -0.33% US 500: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wuAFfNFdVH
  • from support to resistance in $USD some very decent friday action $DXY https://t.co/1W1wPyVgTc https://t.co/y4sgUkQ1cP
  • The Dollar is up after the core June PCE accelerated further to a 3.5% clip (highest since 1991), but US 10-Year yield is down 4 bps to 1.2290 and implied rate hikes through Dec 2022 has dropped 1.5bps from yesterday to 14bp (56% prob of hike) https://t.co/5Y0BWlPBUx
  • It's time to look at the monthly candles on charts and check in on the Dollar and Amazon. DailyFX's @JohnKicklighter covers the markets 👇 https://t.co/43BSSq9XIg
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.09% 🇨🇦CAD: -0.11% 🇪🇺EUR: -0.24% 🇬🇧GBP: -0.32% 🇳🇿NZD: -0.39% 🇦🇺AUD: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mkiFzOzRQE
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: -0.18% Wall Street: -0.26% Germany 30: -0.32% US 500: -0.41% FTSE 100: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6oyofVNacT
  • $USDCAD holding that spot of support looked at yday ~2426 question now is whether sellers push back in on a res test 25-2550. that could make for a compelling setup to a bearish $USD thesis https://t.co/GzRCITnrsW https://t.co/8mNgDQrlup
  • Strong Euro Zone growth and inflation data helped underpin recent Euro strength. Retail traders cut back long positions, increase net-shorts.Get your $EURUSD market update from @nickcawley1 here:https://t.co/uz3vjjaQdB https://t.co/hL4KqCM0yY
  • Gold (XAU/USD) prices remain unfazed by ECB decision. Silver (XAG/USD) price action remains supported by psychological support at $25.00. Get your market update from @Tams707 here:https://t.co/7BfS6ObsAZ https://t.co/zHWgAUHhca
  • The $VIX posted its biggest upside gap since March 8th this morning, but has quickly retreated on those gains https://t.co/6FXJmInzBN
Kiwi Dollar Set to Fly Against Greenback

Kiwi Dollar Set to Fly Against Greenback

Martin Essex, MSTA, Analyst

- Check out the DailyFX Economic Calendar and see what live coverage of key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The New Zealand Dollar has this week broken to the upside from a triangle pattern on the daily NZD/USD chart, suggesting further upside in the days ahead. As the chart below shows, trading for most of this year has been characterized by lower highs and lower lows, and the breakout will be significant if the pair can break through the 100-day moving average – the red line on the chart – which has provided resistance for the past couple of days.

Moreover, the relative strength indicator (RSI) has yet to move into overbought territory.

Chart: NZD/USD Daily Timeframe (January to May 24, 2017)

Kiwi Dollar Set to Fly Against Greenback

Chart by IG

If the pair does break higher, the first target will be the April highs at 0.7054, followed by the March 21 high at 0.7087 and then the March 1 high at 0.7146. On the downside, support from the 50-day moving average comes in at 0.6955 but the important level to watch is the previous downward-sloping resistance line from the February high. Currently at 0.6913, that would be a sensible point at which to place a stop.

Note too that the latest IG Client Sentiment data also point to a climb in the pair.

Kiwi Dollar Set to Fly Against Greenback

Retail trader data show 48.6% of traders are net-long with the ratio of traders short to long at 1.06 to 1. The number of traders net-long is 21.0% lower than yesterday and 17.3% lower from last week, while the number of traders net-short is 19.1% higher than yesterday and 7.4% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZDUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZDUSD-bullish contrarian trading bias.

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

If you’re looking for more trading ideas, check out our Trading Guides; they’re free and updated for the second quarter of 2017

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

DISCLOSURES