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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
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
USD/JPY
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
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/3sonYtNn4F
  • Heads Up:🇮🇳 Markit Manufacturing PMI due at 05:00 GMT (15min) Expected: 38 Previous: 27.4 https://www.dailyfx.com/economic-calendar#2020-06-01
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.58%, while traders in US 500 are at opposite extremes with 75.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Zk9rafUjxv
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.88% 🇳🇿NZD: 0.53% 🇬🇧GBP: 0.33% 🇪🇺EUR: 0.28% 🇯🇵JPY: 0.14% 🇨🇭CHF: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vAnfLW0KM5
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.27% FTSE 100: 1.19% France 40: 1.15% Wall Street: 0.07% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vwJJvA9zOQ
  • The US Dollar is attempting to find direction against the Singapore Dollar, Philippine Peso and Indonesian Rupiah as technical levels hold. The Malaysian Ringgit eyes a key trend line. Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/lcSLkOnJgQ https://t.co/cWQOJBaOpQ
  • (#ASEAN Fundamental Outlook) The US #Dollar is falling against ASEAN currencies such as the Singapore Dollar and Indonesian #Rupiah as stock markets rise. Watch out for US-China escalation and #Brexit talks $USDSGD $USDIDR $USDMYR $USDPHP - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/06/01/US-Dollar-Wilting-as-IDR-SGD-gain-US-China-Spat-Brexit-Talks-Eyed.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/esN2pUqyZW
  • RT @FactSet: Since March 31, $SPX forward 12M EPS has declined by 14.2% while $SPX price has increased by 17.2%. https://t.co/eQTjXfg2dc ht…
  • USD/CAD holds near the monthly low (1.3728) after snapping the range bound price action carried over from April, but Canada’s 1Q Gross Domestic Product (GDP) report may undermine the recent decline. Get your $USDCAD market update from @DavidJSong here: https://t.co/47Pjp03afU https://t.co/s4O86pwu2O
  • Market snapshot: #AUD surging with #NZD at the expense of #USD and #JPY. #HKD also down amid political uncertainty while US equity futures trade in the green with APAC stocks
Bullish GBPNZD After Snap Sell-Off *** Update ***

Bullish GBPNZD After Snap Sell-Off *** Update ***

2018-04-09 15:00:00
Nick Cawley, Strategist
Share:

Check out our new Trading Guides: they’re free and have been updated for the second quarter of 2018

*** Trade Update – Stop Loss Activated ***

We were stopped out of this trade on April 5 when GBPNZD spiked to a low of 1.91820 before turning higher – currently 1.93750. While the trade set-up looked correct, hindsight shows that the entry level and the stop were not. Will head over to the DailyFX University and re-read the section on entry orders and stop-losses (Beginner -> Engaging with the Market) before moving on. We will continue to monitor the pair for other trading opportunities.

GBPNZD Rally to Return after Brief Sell-Off

The recent GBPNZD rally fizzled out over the last 48-hours, dropping the best part of two cents and returning back to levels seen in mid-March. Kiwi traders are also looking carefully at the ongoing US-China trade spat with the NZ economy reliant on Chinese demand. Although the New Zealand Ministry of Trade and Export said that China’s retaliatory tariffs on US products is ‘measured’ and won’t impact the economy, the worry going forward is that New Zealand could be caught in the crossfire if global trade wars ratchet higher.

On the four hour chart, GBPNZD looks oversold with the stochastic indicator currently trading around a one-month low of 7, while the 200-day moving average – currently around 1.9220 - should provide healthy support. Just above this there is a gap on the March 16 candle between 1.9240 and 1.9250 which may provide another layer of support. However if these levels are broken and closed below, the pair may fall back to 1.9180 or a touch lower.

On the upside the 20- and 50-day moving averages of 1.9420 and 1.9470 should be the first targets with little then left in the way ahead of 1.9530 before the March 21 ‘double tops’ around 1.9640.

Chart: GBPNZD Price Chart Four Hour Timeframe (February 20 – April 3, 2018)

Bullish GBPNZD After Snap Sell-Off *** Update ***

Chart by IG

Entry Point: 1.9345 (at time of writing)

Target: 1.9640 (March 21 ‘double tops’)

Stop-Loss: 1.9215 (Just below 200-day ma)

DailyFX has a vast range of resources to help traders make more informed decisions. These include a fully updated Economic Calendar, Educational and Trading Guides for 2Q 2018 and the constantly updated IG Client Sentiment Indicator.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES

News & Analysis at your fingertips.