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
Mixed
Oil - US Crude
Bearish
Wall Street
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
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • $GBPUSD: los temores del #Brexit podrían frenar los avances #gbp #usd #trading https://t.co/3nhtvftKI3
  • 🇺🇸 MBA Mortgage Applications Actual: -3.9% Previous: 2.7% https://www.dailyfx.com/economic-calendar#2020-06-03
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.32%, while traders in US 500 are at opposite extremes with 74.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/N9nEe5rIKW
  • Heads Up:🇺🇸 MBA Mortgage Applications due at 11:00 GMT (15min) Previous: 2.7% https://www.dailyfx.com/economic-calendar#2020-06-03
  • Heads Up:🇵🇱 Interest Rate Decision due at 11:00 GMT (15min) Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-06-03
  • The Mexican Peso rally has taken USD/MXN below a key support pivot in price and leaves the pair vulnerable to further losses heading into June trade. Get your $USDMXN technical analysis from @MBForex here:https://t.co/lhWwu2KbbN https://t.co/rmF3tIIWgr
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.36% Gold: -0.46% Silver: -0.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rdzI01Ofxb
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.50% 🇪🇺EUR: 0.37% 🇬🇧GBP: 0.29% 🇨🇭CHF: -0.02% 🇨🇦CAD: -0.07% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Rt6n2U0KMl
  • USD/CAD suffered a bearish break beneath horizontal support last week which allowed further losses. Get your $USDCAD market update from @PeterHanksFX here: https://t.co/4malw68jqD https://t.co/T8uZrKGf5c
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.61% France 40: 2.28% FTSE 100: 1.47% Wall Street: 0.73% US 500: 0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mAuLbs6dXS
NZD/USD Slides Into Support- Key Levels to Know for NFP

NZD/USD Slides Into Support- Key Levels to Know for NFP

2017-08-31 16:01:00
Michael Boutros, Strategist
Share:

To receive Michael’s analysis directly via email, please SIGN UP HERE

NZD/USD Daily Chart

NZD/USD Daily Timeframe

Technical Outlook: Kiwi broke below confluence support today at 7180/88- this region is defined by the 50% retracement of the May advance & the 200-day moving average and converges on the median-line extending off the March lows. The decline is now testing interim support at the 200-day moving average / February lows at 7130 with more significant support seen at 7100.

Interim resistance now stands back at 7188. Keep in mind an objective measured move of the head and shoulders formation break eyed longer-term targets into the 6830/60key support.

Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here!

NZD/USD240min

NZD/USD 240min Chart

Notes:A closer look at price action highlights a descending channel formation extending off July high with a break of the weekly opening-range lows shifting our focus lower in Kiwi. Interim resistance at 7188 with our near-term bearish invalidation level set at channel resistance, currently ~7265. A breach above this level would be needed to shift the broader focus back to the long-side.

A break below confluence support at 7100 would likely see accelerated losses for the pair with subsequent support objectives eyed at the lower parallel (around ~7015) and the 76.4% retracement at 6992. Bottom line: While the immediate risk is for a pullback off these levels, I’d be looking for a reaction near channel support with the near-term outlook weighted to the downside while within this channel.

New to Forex? Get started with this Free Beginners Guide

NZD/USD IG Client Sentiment
  • A summary of IG Client Sentiment shows traders are net-shortNZDUSD- the ratio stands at -1.78 (36.0% of traders are long) –bullish reading
  • Retailhas remained net-short since May 24; price has moved 3.7% higher since then
  • Long positions are 4.0% lower than yesterday and11.1% lower from last week
  • Short positions are 10.0% higher than yesterday but2.3% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZDUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger NZDUSD-bullish contrarian trading bias from a sentiment standpoint.
  • That said, note that short-retail sentiment has narrowed from recent extremes heading into a major U.S. holiday weekend and weakens the broader bullish argument for Kiwi.

See how shifts in NZD/USD retail positioning are impacting trend- Click here to learn more about sentiment!

---

Relevant Data Releases

NZD/USD Economic Docket 8/31/2017

Check out this week’s DailyFX Webinar Schedule

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com.

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

DISCLOSURES

News & Analysis at your fingertips.