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
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • today's webinar has been archived and is ready to go https://www.dailyfx.com/forex/video/live_events/2020/09/29/us-dollar-price-action-setups-eur-usd-aud-usd-gbp-usd.html
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: 0.02% Germany 30: 0.02% France 40: -0.07% FTSE 100: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/BPGABPy6pD
  • Gold price decline from triangle has room to 1800-area. Get your $XAUUSD market update from @PaulRobinsonFX here: https://t.co/bK4bo43DXw https://t.co/UVMGMAAkS3
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.95% Gold: 0.84% Oil - US Crude: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FPnLbC3Pxf
  • With Eurozone economic data shrugging in recent weeks, European Central Bank interest rate expectations have been creeping forward towards April 2021. Get your $EURUSD market update from @CVecchioFX here: https://t.co/vBPciSW5pH https://t.co/qubKMRFnjv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.19%, while traders in EUR/USD are at opposite extremes with 61.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/A8bc63PO79
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.04% France 40: 0.01% FTSE 100: 0.01% US 500: -0.29% Wall Street: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MqwdApCJ0C
  • The US Dollar is pulling back from what’s become a strong outing in the month of September. Get your $USD technical analysis from @JStanleyFX here:https://t.co/hOvSiIDFLT https://t.co/d0SEnfJT0s
  • webinar starting right now - looking at 1. themes for q3 close 2. debates starting tonight, what might market ramifications be? 3. heavy week of data out of the us - $USD in the spotlight https://www.dailyfx.com/webinars/455809179 https://t.co/tZxa4c2zVl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.20%, while traders in US 500 are at opposite extremes with 62.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9tCHS7o18f
NZDUSD Scalps Target Key Resistance at 0.8000

NZDUSD Scalps Target Key Resistance at 0.8000

2014-10-15 20:41:00
Michael Boutros, Strategist
Share:

Talking Points

NZD/USD Daily Chart

NZDUSD Scalps Target Key Resistance at 0.8000

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • NZDUSD struggles at key resistance 7962/72- bearish invalidation
  • Support at today’s low 7805
  • Break targets key support at 7682-7706- bullish invalidation
  • Support objectives at 7633, 7545, 7456
  • Resistance breach targets 8053, 8122/37, Pitchfork bisector ~8225
  • Daily RSI approaching 50- breach would be constructive
  • Momentum support trigger pending- break below would be bearish
  • Event Risk Ahead: New Zealand Business Manufacturing PMI tonight, US Industrial Production tomorrow, US Housing Data & University of Michigan on Friday

NZD/USD 30min Chart

NZDUSD Scalps Target Key Resistance at 0.8000

Notes: The NZDUSD has breached above the weekly opening range, shifting our scalp bias back to the topside. The subsequent rally has taken the pair into a key resistance level just below the 80-handle and although our topside bias remains in effect above 7900, near-term we’ll look for a reaction off this threshold.

Bottom line: long exposure into the 80-handle is at risk with breach above needed to maintain our near-term scalp bias. That said, we’ll be looking for intra-day short-triggers while below this region. Caution is warranted as we head into event risk tonight from New Zealand and data out of the US tomorrow and Friday with the releases likely to fuel added volatility in Kiwi and Dollar based pairs. Follow the progress of trade setups like these and more throughout the trading week with DailyFX on Demand.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Technical Relevance

Bearish Invalidation

Daily / 30min

7962/72

61.8% Ext / 23.6% Retrace / Monthly Central Pivot

Break Target 1

30min

8000

Big Figure / Soft Resistance

Break Target 2

Daily / 30min

8045/60

100% & 150% Ext / February Low

Break Target 3

30min

8100

Big Figure / Soft Resistance

Break Target 4

30min

8122/37

38.2% & 61.8% Retracement

Break Target 5

30min

8162/67

August 2013 High / 50DMA

Support Target 1

30min

7900

Soft Support / Pivot

Support Target 2

30min

7850

61.8% Extension

Support Target 3

30min

7820

61.8% Retracement

Bullish Invalidation

30min

7780

76.4% Retracement / Weekly ORL (7794)

Break Target 1

30min

7745

88.6% Retracement

Break Target 2

Daily / 30min

7707/13

Sept Low / October ORL

Break Target 3

Daily / 30min

7682

2013 Low

Break Target 4

Daily

7633

2009 High

Average True Range

Daily (20)

115

Profit Targets 26-29pips

*ORH: Opening Range High

*ORL: Opening Range Low

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday – Thursdays on DailyFX Plus (Exclusive of Live Clients) at 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES