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
EUR/USD
Mixed
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
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • #Silver retracing its losses earlier in the session as price carves out a Bear Flag pattern With resistance at $25 holding firm, further losses appear in the offing A daily close below the 21-DMA (24.20) may open the door for a retest of 61.8% Fib support (21.74) $SLVR $SLV https://t.co/rCl3Ms3FB3
  • The Nasdaq 100 index looks set to pull back amid bearish momentum in the near term. The 50-Day Simple Moving Average (SMA) line may serve as an immediate support. Get your #equities update from @margaretyjy here: https://t.co/5Axsg6gAdd https://t.co/rToHnPLSeS
  • $GBPUSD the outlier early in the session, up marginally as UK-EU Brexit negotiators extend talks until October 28 https://t.co/ey92YW4RJw
  • #CrudeOil down 1.95% on the back of tightening #COVID19 restrictions in several European nations $EURUSD nudging marginally lower https://t.co/PUWTfKl08f https://t.co/XuyQOzV6sj
  • Market Snapshot Broad risk-off tilt to kick-off APAC trade #Gold and #CrudeOil prices plunging lower alongside the risk-sensitive $AUDUSD Haven-linked $JPY and $USD moving higher against their major counterparts
  • Wall Street Futures Update: Dow Jones (-0.504%) S&P 500 (-0.536%) Nasdaq 100 (-0.484%) [delayed] -BBG
  • 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: https://t.co/lAFyv1gM0P https://t.co/zSCf8azESa
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZnn4H
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/ZJOEtpGUIq https://t.co/tJWOXZCoBw
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here: https://t.co/UNRcd3c9uA https://t.co/BiUiOV4cXC
Short NZDUSD at Market

Short NZDUSD at Market

2017-05-09 15:01:00
Paul Robinson, Strategist
Share:

Heading into the year NZDUSD was on the radar as big-picture short. The confirmation noted was a clean weekly break below the trend-line rising up from the August 2015 low. This is an excerpt from our Top Trading Opportunities in 2017:

“Trading this theme: This is highly dependent on the time-frame which one operates on, but the idea on this end is to wait for a confirmed break [Aug ’15 trend-line] and then look to retracements on the daily chart.

To start the year there was a speed-bump in this idea (a big bounce), but now kiwi is trading below the big-picture trend-line, and with that the stage is set for lower prices, and perhaps significantly lower.

The trend-line off the August 2015 low was clearly broken last month. Since then, a retest and rejection has taken shape. The lackluster price action after a break of a significant trend-line points to lower prices. Adding in an additional point of resistance on minor strength is the trend-line descending down from the Feb 7 high. Should kiwi pop higher from here the two lines could intersect to form a confluence of resistance. Placing a stop beyond this potential intersection makes sense in that a break above both lines could signify a trend change, even if only temporary.

Find out how to use IG Client Sentiment data in your analysis.

Looking lower towards the next levels of support, or targets; we first have a lower-side parallel connecting points as far back as June, which currently lies around the 6775 mark. Given the angle is in-line with the trend it is only viewed as a minor line of support, and expected to only bring a pause at the most before seeing additional losses. About 100 points lower from the lower parallel are a couple of inflection points from the first-half of 2016; the first at 6675, and more significantly are a cluster of lows arriving in the vicinity of 6575/50. This cluster, depending on the timing, aligns well with a trend-line rising up from 2009. For the long-term view and how gold and silver play into this outlook, check out the Trading Guides page.

Taking into consideration the invalidation point (stop) and points of support (targets), risk/reward is skewed favorably.

Heads up: Tomorrow the RBNZ meets, and while no adjustments are expected, and it’s likely we see limited volatility following the event, traders should still be mindful when managing risk.

NZDUSD: Daily

Short NZDUSD at Market

Created with TradingView

Entry: At market

Stop: 7005 (Above both trend-lines)

Targets: 6695, 6595/70 (Placed slightly ahead of noted support levels)

Paul conducts webinars every week from Tuesday-Friday. See the Webinar Calendar for details, and the full line-up of all upcoming live events.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES