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
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
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
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
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
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 3.22% Gold: 0.87% Oil - US Crude: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OZAg17Ojqt
  • #Gold has rallied over $200/oz. since then and late Tuesday broke through $2,000/oz. with ease. Get your $XAUUSD technical analysis from @nickcawley1 here: https://t.co/377MlMYPwT https://t.co/i5fE0zpse4
  • Trump threatens to take executive action on certain relief efforts should congress fail to make a deal - Fox Business News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.96%, while traders in US 500 are at opposite extremes with 76.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/X22WA5Nxrx
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.04% US 500: 0.56% France 40: -0.11% Germany 30: -0.15% FTSE 100: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/H9HgvCLdlE
  • US Treasury Yields: 2-Year: 0.109% 3-Year: 0.125% 5-Year: 0.215% 7-Year: 0.391% 10-Year: 0.545% 30-Year: 1.224% $TNX
  • The Bank of England is not expected to make any major changes to the current monetary policy after QE had been expanded by GBP 100bln at the prior meeting. Get your market update from @JMcQueenFX here:https://t.co/jvKHp6s3XG https://t.co/jz3EhCdtae
  • Canadian #Dollar Outlook: $USDCAD Plummets to Major Uptrend Support - https://t.co/HLtQstewm6 https://t.co/DXXIOvBKzX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.04%, while traders in US 500 are at opposite extremes with 76.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/nTYRlfwmDy
  • The USD/CAD sell-off is now approaching long-term uptrend support and while the immediate threat is lower, the decline may be vulnerable heading into this key region. Get your $USDCAD technical analysis from @MBForex here:https://t.co/wsdtyzGMZG https://t.co/hj69mn4hKq
Kiwi Rally Continues: Bullish Up-Trend Vulnerable Sub-7230

Kiwi Rally Continues: Bullish Up-Trend Vulnerable Sub-7230

2017-06-08 17:06:00
Michael Boutros, Strategist
Share:

Talking Points

NZD/USD Daily

NZD/USD Daily Chart

Technical Outlook:Kiwi broke above the median-line of an ascending pitchfork formation extending off the yearly lows last month. The subsequent advance is now approaching key resistance at the confluence of the 61.8% retracement of the September 2016 decline and the upper median-line parallel around 7230. The immediate long-bias is at risk heading into this threshold. Interim support is eyed at 7130 with broader bullish invalidation now raised to 7090. A breach above this level targets basic trendline resistance extending off the 2016 high, currently around ~7280s and the yearly high-day reversal close at 7301.

NZD/USD 240min

NZD/USD 240min Chart

Notes: A closer look at price action highlights this key zone of resistance and heading into the close of the week I’ll be looking for possible near-term exhaustion. Initial support rests at 7204 backed by 7149 and the weekly open at 7125- both levels of interest for support IF the pair is going to breach above this resistance zone. The daily average true range (ATR) has been rather tight on kiwi, so for now we’ll target roughly 20-pips per scalp.

NZD/USD Sentiment
  • A summary of IG Client Sentimentshows traders are net-short NZD/USD- the ratio stands at -1.85 (35.1% of traders are long)- bullish reading
  • Retail has been net-short since May 24th – price has rallied 2.9% higher since
  • Long positions are 2.6% higher than yesterday but 20.5% lower from last week
  • Short positions are 9.3% higher than yesterday and 22.4% higher from last week
  • Sentiment continues to point higher for Kiwi as traders continue to build on the short-side. That said, price is approaching resistance and the immediate long-bias is at risk into 7230. From at trading standpoint, I’ll be looking for a reaction there with a setback to offer more favorable long entries.

See how shifts in NZD/USD retail positioning are effecting market trends- Click here to learn more about IG Client Sentiment indicators!

---

Relevant Data Releases

Kiwi Rally Continues: Bullish Up-Trend Vulnerable Sub-7230

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

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

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.