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
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
Bullish
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Canadian Finance Minister Morneau: - New mortgage stress test on qualifying rate, comes into effect on April 6th - Test will be 5-year fixed insured rate plus 2 percent - BBG $USDCAD
  • The #oil price sell-off is testing near-term uptrend support today and the immediate focus is on a break of the weekly opening-range for guidance. Get your oil technical analysis from @MBForex here: https://t.co/8IlxKpjOyL #OOTT https://t.co/GT2w7lPeve
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 2.22% Gold: 1.37% Oil - US Crude: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vwR3lOaT5D
  • LIVE IN 30 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.03% 🇬🇧GBP: 0.01% 🇨🇭CHF: -0.10% 🇪🇺EUR: -0.22% 🇦🇺AUD: -0.31% 🇳🇿NZD: -0.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/McwKfRxl99
  • LIVE IN 45 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • Apple iPhone supply woes to continue into April according to Nikkei $AAPL
  • LIVE IN 55 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • Join @JStanleyFX 's #webinar at 1:00 PM ET/6:00 PM GMT for his weekly update on trading price action. Register here: https://t.co/yu1uNFb2tm https://t.co/sAPPgefirW
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.03% France 40: -0.10% US 500: -0.95% Wall Street: -1.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/t8DJNqCJJT
The NZD/USD Consolidates With an Inside Bar

The NZD/USD Consolidates With an Inside Bar

2016-04-08 17:55:00
Walker England, Forex Trading Instructor
Share:

Market Condition: NZD/USD Inside Bar Breakout

Target 1: 1x Reference Bar Extension

Target 2: 2x Reference Bar Extension

Invalidation: Continued Consolidation

NZD/USD Daily Chart

The NZD/USD Consolidates With an Inside Bar

(Created using Marketscope 2.0 Charts)

What is next for the US Dollar? Click HERE for our analysts Free forecast!

The NZD/USD is looking to close the week with a consolidating inside bar. When looking at Thursday’s daily candle as a reference, today’s price action has so far failed to yield a new higher or low. Traders watching this pattern develop can use yesterday’s high and low as values of support and resistance, and begin preparing for a breakout next week. In the event that the market breaks to either a new high or low, traders may extrapolate potential price targets by using a 1X extension of yesterday’s reference bar. In this scenario, this places initial price targets at .6962 and 6662 for bullish and bearish breakouts respectfully.

In the event that prices fail to breakout on Monday, traders will have the option to continue trading the depicted daily price range. In this scenario, any breakout entries would at least be temporarily suspended.

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

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES

News & Analysis at your fingertips.