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
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
More View more
Real Time News
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.32% 🇬🇧GBP: 0.24% 🇳🇿NZD: 0.15% 🇨🇭CHF: -0.03% 🇪🇺EUR: -0.05% 🇯🇵JPY: -0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/fizqVmsm19
  • Facebook's buyback plan hasn't compensated for the company's struggles with $FB sliding on the morning, but SPX and Dow have still charged to record highs. DailyFX's @JohnKicklighter discusses earnings, rate decisions, GDP, and risk trends! https://t.co/IPiH7eZ3hg
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.95% France 40: 0.68% FTSE 100: 0.54% US 500: 0.52% Wall Street: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/o3VRkt1sEx
  • Cryptocurrencies have seen another positive start to the week, boosted by risk-on sentiment in markets. Get your market update from @HathornSabin here:https://t.co/CSRjNTsrqY https://t.co/9C5sPdQrmc
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.23% Gold: -1.28% Silver: -2.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DKW4MJ1gFT
  • I guess a $50 billion buyback plan doesn't solve everything... $FB
  • 🇺🇸 New Home Sales MoM (SEP) Actual: 14% Previous: -1.4% https://www.dailyfx.com/economic-calendar#2021-10-26
  • 🇺🇸 CB Consumer Confidence (OCT) Actual: 113.8 Expected: 108.3 Previous: 109.8 https://www.dailyfx.com/economic-calendar#2021-10-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.45%, while traders in Wall Street are at opposite extremes with 74.42%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ML0zQXJL0X
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.18% Gold: -0.85% Silver: -1.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DM4AY5BTj6
New Zealand Dollar Price Outlook: Kiwi Fails Flight into Resistance

New Zealand Dollar Price Outlook: Kiwi Fails Flight into Resistance

Michael Boutros, Strategist

Kiwi rallied nearly 3% against the US Dollar since the yearly lows registered last month with price responding to confluence resistance today in New York. These are the updated targets and invalidation levels that matter on the NZD/USD charts. 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 Daily Price Chart

NZD/USD Price Chart - New Zealand Dollar vs US Dollar Daily - Kiwi Outlook

Technical Outlook: In my latest NZD/USD Weekly Price Outlook we noted that, “Failure to mark a weekly close below 6507 would leave the immediate short-bias vulnerable heading into the start of June trade.” Kiwi posted a 2% rally into the monthly open before reversing off confluence resistance at 6657 where the 38.2% retracement of the yearly range converges on the pitchfork resistance. A breach / close above this threshold is needed to keep the long-bias viable targeting the yearly open / 50% retracement at 6705/12. Interim support rests around 6570/80 with break / close below the low-day close at 6519 needed to mark resumption of the broader downtrend.

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

NZD/USD 120min Price Chart

NZD/USD Price Chart - New Zealand Dollar vs US Dollar 120min - Kiwi Outlook

Notes: A closer look at price action shows Kiwi trading within the confines of an ascending pitchfork formation extending off the May lows with the upper parallel further highlighting the 6657 resistance zone. The pullback is now testing initial support here at 6620 – a break lower would exposes 6596 backed by 6574 – both areas of interest for possible exhaustion. Bullish invalidation rests with the lower parallel / 61.8% retracement at 6552. A topside breach would keep the focus on subsequent resistance objectives at 6684 and the yearly open / 50% retracement at 6705/12 – look for a bigger reaction there IF reached.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: Kiwi has responded to near-term confluence resistance and leaves the immediate advance vulnerable while below 6657. From a trading standpoint, look for a support / price exhaustion on a pullback towards the lower parallels- ultimately, targeting a breach of this formation towards the yearly open. Keep in mind price is setting a rather wide monthly opening-range with US Non-Farm Payrolls (NFP) on tap.

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

NZD/USD Trader Sentiment

NZD/USD Trader Sentiment - New Zealand Dollar vs US Dollar Sentiment - Kiwi Price Chart
  • A summary of IG Client Sentiment shows traders are net-long NZD/USD - the ratio stands at +2.49 (71.3% of traders are long) – bearish reading
  • Traders have remained net-long since April 2nd; price has moved 3.6% lower since then
  • Long positions are 16.6% lower than yesterday and 19.3% lower from last week
  • Short positions are 11.4% higher than yesterday and 1.8% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Kiwi prices may continue to fall. Yet traders are less net-long than yesterday & compared with last week and the recent changes in sentiment warn that the current NZD/USD price trend may soon reverse higher, despite the fact traders remain net-long.

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

---

Relevant New Zealand / US Data Releases

New Zealand / US Data Releases - Economic Calendar

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

Active Trade Setups

- Written by Michael Boutros, 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