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
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The USD may rise if the FOMC re-affirms its data-dependent approach and cools 2020 rate cut bets. US retail sales and CPI data may also give the Fed impetus to hold rates. Get your $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
  • What tools does the ECB have left to stimulate the Eurozone? Where is the #Euro heading? Find out from Chief Eurozone Economist at Pantheon Macroeconomics Claus Vistesen only on Trading Global Markets Decoded #podcast hosted by @MartinSEssex here:https://t.co/Twr44cZ1GB https://t.co/DXlDH5Cp9e
  • The price of oil extends the advance from the October low as #OPEC and its allies pledge to take additional steps to balance the energy market. Get your crude #oil market update from @DavidJSong here: https://t.co/llGq8yPFH4 #OOTT https://t.co/1OCVOIrK98
  • Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the XAU/USD weekly chart. Get your gold technical analysis from @MBForex here: https://t.co/ovGheRg4MQ https://t.co/ZEQSYktj0w
  • What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/l6FvtcADEH
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
New Zealand Dollar Weekly Price Outlook: Kiwi 2019 Range Compression

New Zealand Dollar Weekly Price Outlook: Kiwi 2019 Range Compression

2019-02-27 17:00:00
Michael Boutros, Technical Strategist
Share:

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. Kiwi has continued to consolidate against the US Dollar with the 2019 opening-range of nearly 3% still intact heading into the close of February trade. These are the updated targets and invalidation levels that matter on the NZD/USD weekly chart. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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

NZD/USD Weekly Price Chart

NZD/USD Price Chart - New Zealand vs US Dollar Weekly

Notes: In last month’s NZD/USD Weekly Technical Outlook we noted that Kiwi continues to trade within the confines of a broad January opening-range and while I do think the bigger move ultimately is higher, the threat remains for another test of the lows before resumption.” Since then, price has carved out an even clearer range between 6707-6941and the focus heading into the close of the month is on a break of this range.

A downside break / close below this range targets the 61.8% retracement of the October range at 6633 backed by the 2018 low-week close at 6506. Weekly resistance stands at 6931/41- a region defined by the 50% retracement of the 2018 range and the 200-week moving average. A rally surpassing this threshold is needed to fuel the next leg higher in price targeting critical resistance objectives at the 61.8% retracement at 7050 and the 2018 open / pitchfork resistance at 7094-7100.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line:The Kiwi range continues and the longer this holds, the bigger the break. From a trading standpoint, price is now coming off the range highs and until we clear 6707-6941 – the medium-term outlook remains neutral. That said, ultimately a topside breach and test of the upper parallels is favored.I’ll publish an updated NZD/USD Technical Outlook once we get further clarity on near-term price action.

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

NZD/USD Trader Sentiment

NZD/USD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-short NZD/USD - the ratio stands at -1.02 (49.5% of traders are long) – neutralreading
  • Long positions are6.3% lower than yesterday and 6.3% lower from last week
  • Short positions are 2.5% lower than yesterday and 7.5% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZD/USD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZD/USD-bullish contrarian trading bias.

See how shifts in NZD/USD retail positioning are impacting trend- Learn more about sentiment!

---

Relevant NZD/USD Data Releases

New Zealand / US Economic Data Calendar - NZD/USD

Economic Calendar - latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES

News & Analysis at your fingertips.