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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bearish
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: 🇨🇦CAD: -0.08% 🇯🇵JPY: -0.35% 🇪🇺EUR: -0.40% 🇦🇺AUD: -0.69% 🇳🇿NZD: -0.74% 🇨🇭CHF: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/g48aHJoSf8
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.55% France 40: 1.77% FTSE 100: 1.77% Wall Street: 0.61% US 500: 0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/K4DUoqfBBy
  • $AAPL post-earnings looks parabolic even on a log chart that split is going to juggle up the composition of the $DJIA though. Only 30 stocks and this has been like 11% of the index. Big driver about to have a smaller impact on the $Dow post-split https://t.co/7xhnvbjKLA https://t.co/cgUn1ybQ6U
  • Ripple (XRP) - This could get interesting if we close above Sunday's spike high ($0.325)...#xrp #Crypto @DailyFXTeam https://t.co/2rrL5efGBa
  • Among the FAANG members, only $AAPL seems to be carrying over the momentum from last week's earnings wave. Here is my version of the high market cap tech index overlaid on the stock https://t.co/Z6KnMefH1c
  • 🇲🇽 Markit Manufacturing PMI (JUL) Actual: 40.40 Previous: 38.60 https://www.dailyfx.com/economic-calendar#2020-08-03
  • RT @WVenketas: $USDCAD price forecast: Last Place Battle – #Loonie or #Dollar? $USD $CAD https://www.dailyfx.com/forex/market_alert/2020/08/03/USDCAD-latest-Last-Place-Battle-Loonie-or-Dollar.html
  • The #Euro and Sterling both had a positive tone last week going into month-end and sellers have appeared in both currencies today. Get your market update from @nickcawley1 here: https://t.co/LBmxuV1sG1 https://t.co/H56olNlp7L
  • While the Dollar is continuing to extend its tentative gains from Friday with broad results against EM counterparts, $USDCNH still refusing to participate. I wonder if this is a reflection of their relationship or a conscious curb https://t.co/lhGeb1bsYF
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.37% Gold: -0.41% Silver: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/dnPRohZ1Un
NZD: Needs a New Impulse as Recent Rally Dries Up

NZD: Needs a New Impulse as Recent Rally Dries Up

2017-06-10 04:20:00
Nick Cawley, Strategist
Share:
NZD: Needs a New Impulse as Recent Rally Dries Up

Talking Points:

  • New Zealand Dollar leads carry currencies higher on risk appetite
  • Top local event risk this week is 1Q GDP
  • Expect cross market influence from Fed, BoJ, BoE and SNB decisions

Fundamental Forecast for NZD: Neutral

The month-long rally in NZD/USD may be coming to an end with notable data on the docket Wednesday, with the release of the latest GDP data. The release is expected to show year-on-year GDP growing by 2.9% in the first quarter, a reasonably clip but notably lower than Q2 and Q3 2016, driven by investment growth, a recovery in exports and migration inflows.

NZD: Needs a New Impulse as Recent Rally Dries Up

From a technical point of view, the recent breach of the weekly Fibonacci level at 0.71931 could see NZDUSD moving higher with the February high of 0.73759 the first target ahead of the November 2016 high of 0.74035.

CHART: NZDUSD Weekly Timeframe (December 2014 – June 2017)

NZD: Needs a New Impulse as Recent Rally Dries Up

Chart by IG

A look at the IG Client Sentiment Indicator also provides a bullish impulse for the pair. The latest data shows retail traders are net short of NZDUSD by a ratio of 2.55 to 1, setting up a bullish contrarian outlook.

NZD: Needs a New Impulse as Recent Rally Dries Up

The four-hour chart however points to exhaustion in the recent rally after the June 8 high of 0.72232, leaving the pair vulnerable to a downturn to the June 5 low of 0.71139.

CHART: NZDUSD Four-Hour Timeframe (May 18 – June 9, 2017)

NZD: Needs a New Impulse as Recent Rally Dries Up

Chart by IG

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

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

DISCLOSURES

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.