Never miss a story from Justin McQueen

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Justin McQueen

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

NZD Analysis and Talking Points

  • NZDUSD | Key Resistance to Curb Upside
  • NZDJPY | Cluster of DMAs Offering Resistance
  • AUDNZD | Fibo Support Holding, Downside Momentum Easing

See our Q1Technical FX forecast

NZDUSD | Key Resistance to Curb Upside

Upside in the pair has once again stalled at the descending trendline from April 2018 peak, which is situated at 0.6870. This also coincides with the 38.2% Fibonacci retracement level (0.6857), offering another layer of resistance for NZDUSD. Consequently, failure to break above, raises scope for a move back towards 0.6700 handle. However, momentum indicators remain somewhat marginally bullish, although, as such, a firm break above key resistance could see 0.7000.

NZDUSD PRICE CHART: Daily Time Frame (Jul 2018 – Jan 2019)

NZD Technical Analysis Overview: NZDUSD, NZDJPY, AUDNZD

Chart by IG

NZDJPY | Cluster of DMAs Offering Resistance

Friday’s breakout of the recent range sees NZDJPY now eyeing a cluster of DMAs from 0.7500-0.7545, which could curb further upside in the cross. Alongside this, bullish momentum indicators have slowed, suggesting that the cross may begin to see a slight pullback.

NZDJPY PRICE CHART: Daily Time Frame (Aug 2018– Jan 2019)

NZD Technical Analysis Overview: NZDUSD, NZDJPY, AUDNZD

Chart by IG

AUDNZD | Fibo Support Holding, Downside Momentum Easing

While momentum indicators suggest that risks remain tilted to further downside, this has somewhat slowed in recent sessions with the 61.8% Fibonacci retracement (1.0470) holding for now. A closing break below however, likely to spark retest of 1.04. Topside resistance is situated at 1.05, where bullish momentum may begin to pick up provided that AUDNZD can sustain a breach through 1.0550 (38.2% Fibonacci retracement).

AUDNZD PRICE CHART: Daily Time Frame (Nov 2018 – Jan 2019)

NZD Technical Analysis Overview: NZDUSD, NZDJPY, AUDNZD

Chart by IG

KEY RESOURCES FOR FOREX TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX