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
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
Bullish
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
Mixed
USD/JPY
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
More View more
Real Time News
  • After hitting a new two-year high of 1.1916, EUR/USD is now trading in the middle of today’s range at 1.1865 and needs a new driver to make or break the recent rally. Get your $EURUSD market update from @nickcawley1 here:https://t.co/EetZRs55q9 https://t.co/jxymBCa8rl
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.14% US 500: -0.19% Germany 30: -0.30% France 40: -0.77% FTSE 100: -1.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/suRP72SApO
  • Heads Up:🇷🇺 Inflation Rate YoY (JUL) due at 13:00 GMT (15min) Expected: 3.4% Previous: 3.2% https://www.dailyfx.com/economic-calendar#2020-08-06
  • 🇺🇸 Initial Jobless Claims (01/AUG) Actual: 1,186K Expected: 1415K Previous: 1434K https://www.dailyfx.com/economic-calendar#2020-08-06
  • 🇺🇸 Jobless Claims 4-Week Average (01/AUG) Actual: 1,337.75K Previous: 1368.5K https://www.dailyfx.com/economic-calendar#2020-08-06
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.82%, while traders in US 500 are at opposite extremes with 76.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8lwdCO7f8U
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.08% 🇨🇭CHF: 0.00% 🇦🇺AUD: -0.15% 🇪🇺EUR: -0.18% 🇨🇦CAD: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gpL0CBYyXO
  • Heads Up:🇺🇸 Continuing Jobless Claims (25/JUL) due at 12:30 GMT (15min) Expected: 16720K Previous: 17018K https://www.dailyfx.com/economic-calendar#2020-08-06
  • Heads Up:🇺🇸 Initial Jobless Claims (01/AUG) due at 12:30 GMT (15min) Expected: 1415K Previous: 1434K https://www.dailyfx.com/economic-calendar#2020-08-06
  • Heads Up:🇺🇸 Jobless Claims 4-Week Average (01/AUG) due at 12:30 GMT (15min) Previous: 1368.5K https://www.dailyfx.com/economic-calendar#2020-08-06
NZD/USD to Face-Off as Wheeler Deals Rate Cut

NZD/USD to Face-Off as Wheeler Deals Rate Cut

2016-08-10 17:11:00
Michael Boutros, Strategist
Share:

Talking Points

  • NZD/USD vulnerable heading into RBNZ- key resistance 7292/96
  • Updated targets & invalidation levels

NZDUSD 60min

NZD/USD to Face-Off as Wheeler Deals Rate Cut

Chart Created Using TradingView

Technical Outlook: We presented this setup last night on SB Trade Desk and heading into the RBNZ interest rate decision, the kiwi remains vulnerable while below a key resistance threshold at 7292/96 – a region defined by the 2016 high-day & the March 2015 low-day closes. The pair is holding within the confines of a newly identified ascending pitchfork extending off the July low with the median-line catching today’s high.

Look for interim support at the monthly open at 7200 backed by 7180 & 7155. A break below this level would be needed to validate a more significant reversal targeting the weekly open at 7129, 7103 & the 61.8% retracement at 7067. Interim resistance stands at 7227 backed by the median-line & 7292/96.

From a trading standpoint, I would be looking to fade kiwi strength on an RBNZ rip higher while below key resistance. Ultimately the decline may offer better long-opportunities down near the 69-handle. A breach above 7300 keeps the long-bias in play with such a scenario targeting 7325, 7379/92. For the complete setup and to continue tracking this trade& more throughout the week- Subscribe to SB Trade Deskand take advantage of the DailyFX New Subscriber Discount.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.

NZD/USD to Face-Off as Wheeler Deals Rate Cut
  • A summary of the DailyFX Speculative Sentiment Index (SSI)shows traders are net short NZDUSD- the ratio stands at -2.29(30% of traders are long)-bullishreading
  • Yesterday the ratio was -1.61 - Short positions are 24.3% higher than yesterday and 40.5% above levels seen last week.
  • Open interest is 10.2% higher than yesterday and 16.2% above its monthly average
  • Retail sentiment is approaching the most extreme read of 2016 – last time we were at these levels was on July 8th (July 12th was the high in price)
  • Although an uptick short-exposure on building open interest would typically be bullish signal, I would use caution with that interpretation heading into the release as the advance approaches key resistance. This leaves room for a possible rip higher into the release before turning over.

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Relevant Data Releases This Week

NZD/USD to Face-Off as Wheeler Deals Rate Cut

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s Top Trading Opportunity of 2016

---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 and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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

DISCLOSURES

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.