Skip to Content
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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
NZD/USD Pending Daily Breakout

NZD/USD Pending Daily Breakout

Walker England, Forex Trading Instructor


Market Condition: NZD/USD Daily Breakout

Target 1:.7062 (2XATR)

Target 2:.7250 (4X ATR)

Invalidation: 1X ATR Reversal to .6686

NZD/USD Daily Chart

(Created using Marketscope 2.0 Charts)

The NZD/USD is currently retracing, after posting a new yearly high last week at a price of .6874. As the pair declines, traders looking to join the trend may plan for the pair’s next major breakout. To do so, an entry order may be considered one pip above the high at .6875. It should be noted, in the event of a trend reversal, and prices drop back below the daily 200 period SMA, traders may elect to delete any pending buy orders.

If prices do breakout to a new high, traders may use ATR to evaluate potential targets. Today’s daily ATR value for the NZD/USD reads at 94 pips. This omeans using a 2X ATR target, traders may begin looking for initial price targets near .7062. Extend targets found using 4X ATR may also be found near .7250. Stop orders may also be positioned using ATR. A 1X ATR stop for a NZD/USD breakout would be found at .6686

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

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