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
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
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
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
Bitcoin
Bearish
More View more
Real Time News
  • The 10-year to 3-month Treasury yield curve has inverted again. Here is is overlaid with the $SPX and a 10-day (red) and 60-day (blue) correlation https://t.co/8V1EfN9lsA
  • Going live in 5 for today's #stockmarket webinar where we'll talk major levels and underlying fundamentals in the current $SPX rally Join here - https://t.co/rmwDACaTEA https://t.co/cruwUwyA8p
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.09% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.09% 🇦🇺AUD: -0.32% 🇬🇧GBP: -0.50% 🇯🇵JPY: -0.99% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wgWwdD5x3d
  • EU Trade Chief Hogan: - US-China Phase one trade deal is not likely to comply with WTO - EU to focus on assessing US-China Phase one trade deal for weeks more
  • RT @realDonaldTrump: Highest Stock Market In History, By Far!
  • #Gold: The next level of resistance at $1,611.5/oz. is close by and a break and close above here would suggest that gold has further to rally. Get your $XAUUSD market update from @nickcawley1 here: https://t.co/NfPiDuavvB https://t.co/RMSNwzvkEh
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: France 40: 0.86% Germany 30: 0.81% US 500: 0.50% Wall Street: 0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vIJlkMby5t
  • EU Trade Chief Hogan says US displaying more goodwill in discussions around trade - BBG $EUR
  • $USDJPY held back against the risk-on lift and Dollar bid as long as it could. Multi-year wedge resistance finally breaks with biggest single-day rally since Aug 19. If you are confident in risk-on, this is a late bloomer https://t.co/IEslLn5nuo
  • With all this talk about gold, #Silver has flown under the radar a little bit as it tests resistance around $18.30 $XAG https://t.co/yOnXW2r2rP
AUD/NZD Price Tumbles to Five-Month Lows; Relief in Sight?

AUD/NZD Price Tumbles to Five-Month Lows; Relief in Sight?

2018-02-21 17:30:00
Michael Boutros, Technical Strategist
Share:

AUD/NZD has fallen nearly 3.6% from the January highs with the decline now attempting to break structural support. Price is approaching near-term targets which could offer a reprieve, but from a technical standpoint, the broader risk remains lower. . for now.

AUD/NZD Daily Price Chart

AUD/NZD Price Chart - Daily Timeframe

Technical Outlook: We highlighted a break below confluence support at around 1.08 in the Technical Perspective last week with initial targets eyed at “the 61.8% retracement at 1.0722 and the 100% extension at 1.0626.” The decline is now attempting to break below a sliding parallel of the dominant slope (red) with near-term support targets eyed at 1.0663, the 100% ext of the decline at 1.0626 and confluence support at 1.0588.

New to Forex Trading? Get started with this Free Beginners Guide

AUD/NZD 240min Price Chart

AUD/NZD Price Chart - 240min Timeframe

Notes: A closer look at AUD/NZD price action sees the pair breaking below the weekly opening range low / weekly open on this move with initial support targets now in view. The focus remains lower for now while below the slope confluence at ~1.0740 with a breach above 1.0771 needed to shift the near-term outlook back to the long-side (near-term bearish invalidation).

Why does the average trader lose? Avoid these Mistakes in your trading

Bottom line: the immediate focus is lower towards channel support with a drop towards the aforementioned targets to offer entries for a possible near-term recovery. Keep in mind that a break of a proposed head & shoulders neckline earlier this month highlights the broader risk for a measured move into 1.0350/70- a region also defined by the 2017 low-day close and the 1.618% ext off the late-2017 decline. First thing’s first though, from a trading standpoint, look for a reaction on a move towards 1.0626 & 1.0588.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis mini-series

Relevant AUD/NZD Data Releases

AUD/NZD Economic Calendar

---

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

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

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.