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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
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
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Breaking news

New Zealand Dollar on the move as home prices may be considered in RBNZ's remit

Real Time News
  • EUR/CHF IG Client Sentiment: Our data shows traders are now net-long EUR/CHF for the first time since Nov 16, 2020 08:00 GMT when EUR/CHF traded near 1.08. A contrarian view of crowd sentiment points to EUR/CHF weakness. https://www.dailyfx.com/sentiment https://t.co/WJ7ZCwf3Ak
  • NZD soaring on this as such an addition to the RBNZ's remit lowers the need to ease policy, given the current backdrop of rampant house prices https://t.co/2fx0VTUOZh
  • BoJ Governor Kuroda: Won't hesitate to add easing if needed BoJ measures are having a positive impact Nervousness in financial markets has eased somewhat - BBG $JPY #BoJ
  • 7 out of 11 S&P 500 sectors ended higher, with 73.1% of the index’s constituents closing in the green on Monday. Cyclical energy (+7.09%) , financials (+1.88%) and industrials (1.64%) were among the best performers, whereas real estate (-0.34%), healthcare (-0.30%) were lagging. https://t.co/bDpvRqEX4u
  • #ASX200 looking poised to extend its recent run higher as RSI climbs back into overbought territory Key resistance levels falling at the 50% (6674) and 61.8% (6755) Fibonacci's $XJO $ASX https://t.co/E7VADxCJ1o https://t.co/T3ICLoE9du
  • Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2020/11/24/Euro-Price-Action-Setups-EURUSD-EURJPY-EURGBP-Levels-to-Watch.html $EUR $EURUSD $EURJPY $EURGBP https://t.co/qxHSS90Rnd
  • BoJ Governor Kuroda: Japan's economy has picked up, still in severe state - BBG $JPY
  • NZ FinMin Robertson: Proposes RBNZ consider house prices in monetary policy Urges RBNZ to give earliest possible consideration Seeks advices on more measures to curb housing demand - BBG $NZD
  • NZ Government proposes adding house prices to RBNZ remit - BBG $NZD #RBNZ
  • Singapore saw institutional money inflow for three weeks in a row, with S$ 309 million pumping into local stocks last week - SGX data. This marks a sharp reversal of net intuitional outflow seen in the first three quarters of the year. STI gained over 17% so far this month. https://t.co/os8nibKTGU
NZD/USD Testing Key Resistance Barrier Ahead of FOMC, New Zealand GDP

NZD/USD Testing Key Resistance Barrier Ahead of FOMC, New Zealand GDP

2017-09-20 16:10:00
Michael Boutros, Strategist
Share:

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

NZD/USD Daily Chart

NZD/USD Price Chart- Daily Timeframe

Technical Outlook: We noted that NZDUSD was testing confluence support late-last month at the 200-day moving average with the subsequent rebound now approaching key near-term resistance at 7390/95. This region is defined by the 61.8% retracement of the July decline & the 100% ext of the September advance and converge on a pair of parallels today (technically significant level).

New to Forex? Get started with this Free Beginners Guide

NZD/USD 240min

NZD/USD Price Chart- 240min Timeframe

Notes:A closer look at price action sees Kiwi trading within the confines of an ascending channel formation with the near-term slope resistance further highlighting this resistance range just head of the 74-handle. Interim support rests with the weekly opening-range high at 7345 with a break sub 7247 / channel support needed to shift the focus lower again.

Bottom line: the long-side is vulnerable heading into this resistance region and we’ll be looking for a reaction off that mark as we head into today’s FOMC interest rate decision and New Zealand 2Q GDP figures later this afternoon. From a trading standpoint. I’d be looking to fade strength (sell-rallies) while below this resistance threshold. That said, a breach higher from here invalidates the reversal play with such a scenario targeting the 2016 high-day close at 7450 and another significant Fibonacci confluence region at 7515/17.

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

NZD/USD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-short NZDUSD- the ratio stands at -1.02 (49.6% of traders are long) – weakbullishreading
  • Long positions are 13.0% lower than yesterday and 17.0% lower from last week
  • Short positions are 5.3% higher than yesterday and unchanged 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 bullish contrarian trading bias from a sentiment standpoint.

See how shifts in retail positioning are impacting NZDUSD price trends- Click here to learn more about sentiment!

---

Relevant Data Releases

NZD/USD Economic Docket

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