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. See our updated Privacy Policy here.

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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
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
Mixed
More View more
Real Time News
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/C0i7u1dDKL
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/Q69HKBXeKH
  • (Weekly Technical Outlook) US Dollar Outlook, Key Trend Reversals Playing Out? USD/CAD, AUD/USD, EUR/USD, GBP/USD #USD $USDCAD $AUDUSD $EURUSD $GBPUSD https://www.dailyfx.com/forex/technical/article/special_report/2021/06/20/US-Dollar-Outlook-Key-Trend-Reversals-Playing-Out-USDCAD-AUDUSD-EURUSD-GBPUSD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/7C56bfljV4
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/Gea69MhO04
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/oPaSJLahbE
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/bFOK9RRXtv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/LIumDnHrTo
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/ITdDUGoAL0
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/eF0XS79LgK
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/gaYbbaTnpb
NZD/USD Testing Key Resistance Barrier Ahead of FOMC, New Zealand GDP

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

Michael Boutros, Strategist

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