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
Subscribe
Please try again
EUR/USD
Bullish
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
Bullish
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
Mixed
More View more
Real Time News
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
  • Top event risk on my radar for the week ahead: Musk on SNL (Sat); run of Fed speak with Brainard, Williams, Bostic (Tues); US CPI and UK GDP (Wed); Mexico central bank rate decision (Thur); US earnings - PLTR, BABA, ABNB, DASH, DIS (Tues-Thur). What are you watching?
  • It starts. This man is living the life. https://t.co/YhD4oMNAFG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.82% 🇦🇺AUD: 0.77% 🇨🇭CHF: 0.75% 🇳🇿NZD: 0.62% 🇯🇵JPY: 0.46% 🇨🇦CAD: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j5I6Gut0CR
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.85% Silver: 0.53% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wZsuyfwuv1
New Zealand Dollar Outlook: NZD/JPY, NZD/CAD, NZD/CHF Levels to Watch

New Zealand Dollar Outlook: NZD/JPY, NZD/CAD, NZD/CHF Levels to Watch

Daniel Moss, Analyst

NZD/JPY, NZD/CAD, NZD/CHF, NZD Technical Outlook - Talking Points:

  • NZD/JPY could extend declines after carving out a potential Double Top reversal pattern at key resistance.
  • NZD/CAD may be running out of steam as the RSI diverges with price at a pivotal inflection point.
  • NZD/CHF looks to be carving out a Descending Triangle pattern at the monthly high. Could a downside break be on the cards.

New Zealand Dollar Index** Weekly Chart – Impending Reversal or Topside Break?

New Zealand Dollar Outlook: NZD/JPY, NZD/CAD, NZD/CHF Levels to Watch

NZD index weekly chart created using TradingView

**NZD Index averages USD/NZD, JPY/NZD, EUR/NZD, GBP/NZD

The New Zealand Dollar’s 15.5% surge from the March low (0.6740) could be coming to an end, as price struggles to break above the 2017 downtrend and the RSI fails to climb above 60 into bullish territory.

With the development of price and the RSI eerily similar to the five previous occasions NZD tested key resistance, a significant pull-back looks to be on the cards.

However, price has remained relatively resilient over the last 4 weeks, camping within range resistance as a series of weekly Doji candles hint at indecisiveness in the future direction of the trade-sensitive currency.

Nevertheless, the path of least resistance seems to be lower as the sentiment-defining 200-week moving average (0.7922) begins to slope to the downside, potentially coralling price back to support at the 50-week moving average (0.7520).

NZD/JPY Daily Chart – Double Top Reversal or Ascending Triangle

New Zealand Dollar Outlook: NZD/JPY, NZD/CAD, NZD/CHF Levels to Watch

NZD/JPY daily chart created using TradingView

The NZD/JPY exchange rate may extend its declines after carving out a potential Double Top reversal pattern at the June high (71.67).

Although a close below uptrend support and the psychologically imposing 70 level is needed to validate the bearish reversal pattern, the distinct divergence between price and the RSI suggests that bullish impetus may be fading.

With that in mind, a break and close below 4-month trend support could signal the resumption of the 6-year downtrend extending from the 2014 high (94.05), possibly opening up a path for price to test sentiment defining support at the 200-day moving average (68.78).

On the other hand, with the uptrend from the yearly low (59.49) still intact price could continue to trek higher as the 50-DMA (69.23) crosses over its ‘slower’ 200-period counterpart (68.78), potentially intensifying buying pressure and resulting in a retest of the monthly high (71.67).

NZD/CAD Daily Chart – Divergence at Key Resistance Hints at Impending Reversal

New Zealand Dollar Outlook: NZD/JPY, NZD/CAD, NZD/CHF Levels to Watch

NZD/CAD daily chart created using TradingView

Similar to its NZD/JPY counterpart, the NZD/CAD exchange rate is struggling to break above long-term trend resistance as the RSI fails to follow price to higher highs.

However, price remains constructively perched above psychological support at the 0.89 level, signaling a potential retest of the yearly high (0.8979) could be in the offing.

A daily close above the 2016 downtrend and July high (0.8979) is needed to validate bullish potential, and potentially carve a path to resistance at the 0.91 level.

Conversely, failure to break to fresh yearly highs may invigorate sellers and poossibly fuel a correction back to 4-month trend support and the July 15 low (0.8844).

NZD/CHF Daily Chart – 2019 Downtrend Stifling Buying Pressure

New Zealand Dollar Outlook: NZD/JPY, NZD/CAD, NZD/CHF Levels to Watch

NZD/CHF daily chart created using TradingView

The NZD/CHF exchange rate may be carving out a Descending Triangle pattern at key resistance, as price consolidates between resistance at the 2015 low weekly close (0.6210) and support at the June 12 low (0.6041).

The path of least resistance seems to be to the downside, as the RSI tracks its constructive downtrend and dives back below its neutral midpoint.

A daily close below the 50-DMA (0.6106) could lead price back to psychological support at the 0.6050 level.

However, a break below the June 12 low (0.6041) is needed to validate bearish potential and carve a path for price to retest the April high (0.5995).

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

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

DISCLOSURES