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
EUR/USD
Mixed
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
Wall Street
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
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • Nasdaq 100 Hits All-Time High, Hang Seng and ASX 200 May Follow https://www.dailyfx.com/forex/market_alert/2021/06/15/Nasdaq-100-Hits-All-Time-High-Hang-Seng-and-ASX-200-May-Follow-.html https://t.co/Wqldw4aXNC
  • RT @FxWestwater: Hello traders! The Weekly Commodities Trading Prep webinar will be pushed 24 hours to Wednesday 2:00 GMT/10:00 pm EST. Joi…
  • Natural gas spot prices have been on the rise, recapturing a key trendline, following the EIA’s Short-Term Energy Outlook. Where can prices head from here? Find out from @FxWestwater here:https://t.co/yK48nZD1ag https://t.co/rRT4oBDnrK
  • Even in quiet market conditions, you can always find some activity #Philippine stock index (PSEi) up about 13.5% from late May low Expectations of easing lockdowns in the Manila capital region have been a fundamental driver Falling Wedge breakout facing the 61.8% Fib at 6916 https://t.co/VPtB78GRvl
  • USD/JPY IG Client Sentiment: Our data shows traders are now net-short USD/JPY for the first time since Jun 04, 2021 when USD/JPY traded near 109.52. A contrarian view of crowd sentiment points to USD/JPY strength. https://www.dailyfx.com/sentiment https://t.co/KPOyPWpuDn
  • Interesting tone update from the Bank of Indonesia ahead of this week's rate decision The CB said yesterday that it sees Rupiah weakening as 'still reasonable' But. it will maintain measures to stabilize the exchange rate See my tech update here - https://t.co/vu89Lt0boZ
  • The US Dollar continues to see varied performance against ASEAN currencies. USD/SGD is consolidating. USD/THB may bounce. USD/IDR and USD/PHP could continue lower.Get your market update from @ddubrovskyFX here:https://t.co/Ccvcy93t5X https://t.co/cejykWrenF
  • RT @FxWestwater: $AUDUSD Eyes RBA Minutes After Iron Ore Rally Fails to Lift Aussie Dollar Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/06/14/AUDUSD-Eyes-RBA-Minutes-After-Iron-Ore-Rally-Fails-to-Lift-Aussie-Dollar.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/AlQ6…
  • The Dow Jones, Nasdaq 100 and S&P 500 await much needed insight from the Federal Reserve on the central bank’s planned policy path given recent economic data releases. Get your market update from @PeterHanksFX here:https://t.co/bZso3WxyC6 https://t.co/d4YJ8jbGok
  • GBP/USD Eyes Trend Support as US Dollar Awaits Fed Dot Plot -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2021/06/14/gbp-usd-eyes-trend-support-as-us-dollar-awaits-fed-dot-plot.html $GBPUSD #Forex #Trading https://t.co/1BkZ4x0uCG
NZD/USD Heading for a Reversal Pattern After Current Account Data?

NZD/USD Heading for a Reversal Pattern After Current Account Data?

Daniel Dubrovsky, Strategist

Talking Points:

  • New Zealand Dollar keeps its cool on a worse-than-expected local current account report
  • Investors might have been awaiting tomorrow’s GDP report which has high expectations
  • NZD/USD may form a bearish reversal pattern in the near-term on stubborn resistance

Build confidence in your own NZD/USD strategy with the help of our free guide!

The New Zealand Dollar maintained its cool despite worse-than-expected local current account data. In the fourth quarter of 2017, New Zealand’s balance was a deficit of NZ$2.770b versus NZ$2.450b expected. This narrowed from –NZ$4.833b in the third quarter.

Meanwhile as a percentage of GDP, the deficit took away 2.7% of growth which was the most since the first quarter of 2016. This was a bit more than the -2.6% estimate and higher than the -2.5% ratio from prior. Overall, the softer results here were mainly a result of increased investment outflows.

Perhaps a minimal reaction to the data was due to traders being hesitant on taking direction bias ahead of a more prominent event. The country will release the fourth quarter GDP statistics tomorrow. Not only is growth expected to rise at the fastest pace since 2016, but also the RBNZ has high hopes for it making an unpleasant surprise a potential risk for the New Zealand Dollar.

NZD/USD Heading for a Reversal Pattern After Current Account Data?

NZD/USD Technical Analysis: Bearish Reversal Pattern on the Horizon?

On a daily chart, NZD/USD seems to be pushing higher once again and is heading towards the September 2017 resistance line. The pair has tested this area twice since 2018 began and was unable to push through it both times. This could open the door for a triple top bearish reversal pattern to form.

From here, immediate resistance is the 23.6% Fibonacci extension at 0.7341 while a push above that exposes the aforementioned line. If NZD/USD turns lower, the 14.6% minor level at 0.7282 could act as near-term support. A push below that exposes the March 1st and February 8th lows.

NZD/USD Heading for a Reversal Pattern After Current Account Data?

New Zealand Dollar Trading Resources:

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

DISCLOSURES