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.

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
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
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/kERhNpX24T
  • 🇫🇷 Unemployment Benefit Claims (SEP) Actual: -15.2K Previous: -171K https://www.dailyfx.com/economic-calendar#2020-10-27
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.88%, while traders in NZD/USD are at opposite extremes with 72.94%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vSpkpJR5DJ
  • Heads Up:🇫🇷 Unemployment Benefit Claims (SEP) due at 11:00 GMT (15min) Previous: -171K https://www.dailyfx.com/economic-calendar#2020-10-27
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.36% Silver: 0.20% Gold: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/R4iP2hBi7y
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/opRjJQoGPZ
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.21% 🇯🇵JPY: 0.17% 🇳🇿NZD: 0.14% 🇬🇧GBP: -0.00% 🇪🇺EUR: -0.01% 🇨🇭CHF: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/sbn9fdKRMA
  • If you're in the UK or Western Europe this will be an hour earlier than previously because of the clocks going back... https://t.co/mhvbYLCAkA
  • PBoC to remove counter-cyclical factor in Yuan fixing
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.14% Wall Street: 0.01% FTSE 100: -0.20% Germany 30: -0.78% France 40: -1.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Q6UKBovHvF
NZD/USD Searches for Support- Retail FX Remains Long Ahead of RBNZ

NZD/USD Searches for Support- Retail FX Remains Long Ahead of RBNZ

2015-06-05 16:25:00
David Song, Strategist
Share:

Talking Points:

- NZD/USD Retail FX Crowd Remains Net-Long Ahead of RBNZ Policy Meeting.

- USD/CAD Range Remains in Focus Amid Failed Test of Opening Monthly Range.

- USDOLLAR Outlook Hinges on NFP Report- IMF Favors Fed Rate Hike in 2016.

For more updates, sign up for David's e-mail distribution list.

NZD/USD

NZD/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • NZD/USD remains at risk a for a further decline as the bearish formation continues to take shape; close below 0.7040-50 (78.6% retracement) may open the door for a move towards 0.6950-60 (38.2% retracement).
  • According to a Bloomberg News survey, 10 of the 16 economists polled forecast the Reserve Bank of New Zealand (RBNZ) to keep the benchmark interest rate on hold at 3.50%; will keep a close eye on the forward-guidance for monetary policy amid speculation for the central bank to revert back to its easing cycle.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long NZD/USD since May 19, with the ratio climbing back towards extremes as it advances to +2.46.

USD/CAD

USD/CAD Daily Chart
  • USD/CAD looks poised to carry the range-bound price action into the week ahead as the 58.9K rise in Canada Employment boosts the appeal of the loonie; may see the Bank of Canada (BoC) turn increasing upbeat towards the economy amid the ongoing series of better-than-expected data prints.
  • Nevertheless, the policy divergence should highlight a long-term bullish outlook for USD/CADas BoC Governor Stephen Poloz continue to endorse a wait-and-see approach.
  • Still waiting for a break/close above 1.2545 (23.6% retracement) or below 1.2370 (38.2% retracement) to reinforce a near-term directional bias for USD/CAD.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

The Weekly Volume Report: Sterling Declines on Weak Volume

EUR/USD Drops Through $1.1100 after May US Jobs Growth Hits +280K

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11993.36

12024.2

11919.93

0.59

144.48%

NZD/USD Searches for Support- Retail FX Remains Long Ahead of RBNZUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite the bullish reaction to the 280K expansion in U.S. Non-Farm Payrolls (NFP), the Dow Jones-FXCM U.S. Dollar appears at risk for range-bound prices as it preserves the monthly opening range following the failed run at 12,049 (78.6% retracement).
  • Uptick in Labor Participation paired with stronger wage growth raises the scope for Fed liftoff in September, but will keep a close eye on the U.S. Advance Retail Sales report amid the ongoing weakness in private-sector consumption.
  • Need a break/close above 12,049 (78.6% retracement) to favor a further advance, with near-term support coming in around 11,826 (61.8% expansion) to 11,843 (38.2 retracement) on the radar.

Join DailyFX on Demand for Real-Time SSI Updates!

NZD/USD Searches for Support- Retail FX Remains Long Ahead of RBNZ

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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

DISCLOSURES