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
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN +0.29% #BITCOINCASH +0.02% #ETHEREUM +0.51% #RIPPLE +3.72% #LITECOIN +2.19%
  • It took some time for USD/MXN to respond to weakness in equity markets, but this week it came to life as U.S. weakness spread across global markets. Get your $USDMXN technical analysis from @PaulRobinsonFX here:https://t.co/G8b6w1wCzH https://t.co/zEtpARMkMg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.38%, while traders in EUR/GBP are at opposite extremes with 65.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/WGk95Bnjx5
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -0.45% Oil - US Crude: -0.63% Silver: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/RvLy6xA9Is
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: -0.06% 🇯🇵JPY: -0.15% 🇬🇧GBP: -0.22% 🇨🇦CAD: -0.32% 🇦🇺AUD: -0.38% 🇪🇺EUR: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MZIiNOFxXu
  • Hey traders! Wrap up your week with a market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/DHufbBKbDu
  • Canadian PM Trudeau says Canada purchasing 20 million vaccine doses from Astrazeneca -BBG
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.26% France 40: 0.03% Wall Street: 0.02% FTSE 100: -0.06% Germany 30: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jByk8LUAt6
  • UK Government Official says either outcome is possible on Brexit
  • UK Government Official says if gaps in fisheries and level playing field are bridged, the EU's more constructive attitude will need to be translated into more realistic positions in the days to come
Scalping NZDUSD Opening Range- 6630 Resistance Remains Key Hurdle

Scalping NZDUSD Opening Range- 6630 Resistance Remains Key Hurdle

2015-08-18 18:38:00
Michael Boutros, Strategist
Share:

Talking Points

NZDUSD Daily

Scalping NZDUSD Opening Range- 6630 Resistance Remains Key Hurdle

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • NZDUSD sets monthly opening range below critical resistance at 6602/30 (bearish invalidation)
  • Break of monthly opening range to set medium-term bias
  • Breach targets resistance objectives at 6663/70 & 6767
  • Support at the lower median-line parallel- (bullish invalidation)
  • Break below targets 6466 & 64.13
  • Waning momentum into the lows risks correction higher with breach above 6630
  • Pending RSI support trigger in play- break would be bearish
  • Event Risk Ahead: New Zealand Producer Price Index (PPI) tonight andU.S. Consumer Price Index (CPI) & FOMC Minutes tomorrow

NZDUSD 30min

Scalping NZDUSD Opening Range- 6630 Resistance Remains Key Hurdle

Notes: Kiwi may be attempting to turn higher with the pair setting the weekly & monthly opening ranges just below a critical resistance zone at 6302/33. A median-line structure off the monthly lows has us constructive here near-term but we’ll need a breach/close above this key region to shift the medium-term bias higher.

Bottom line: we’ll remain constructive while above the lower MLP / Friday’s lows at the 6512 with a breach above resistance targeting subsequent objectives at 6663 & 6694. A quarter of the daily average true range yields profit targets of 22-24pips per scalp. New Zealand PPI data later tonight could spur some volatility but the more significant event risk comes tomorrow with the release of U.S. CPI data and minutes from the latest FOMC policy decision.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

Scalping NZDUSD Opening Range- 6630 Resistance Remains Key Hurdle

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX 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