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
More View more
Real Time News
  • The US Dollar could lose some ground against ASEAN currencies such as the Singapore Dollar and Thai Baht amid slowing Emerging Asia Covid case growth. Softer US NFPs may also bode well.Get your market update from @ddubrovskyFX here:https://t.co/jnJ80hQR4P https://t.co/n8UXm0mUeb
  • This week's non-farm payrolls (NFP) will likely be key to gauge the direction of gold as markets look ahead to the Jackson Hole Economic Symposium. Get your market update from @FxWestwater here:https://t.co/WmTrqe0xJN https://t.co/BO2uwXMAko
  • Will be discussing the Japanese #Yen and what you can expect throughout this week in about 15min! Signup for the webinar in the link below! https://t.co/Jbtd2hc5nU
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQioRZER https://t.co/uy1tAhiwGY
  • RT @FxWestwater: $NZDUSD Wedge Breakout Back in Play on Stellar Q2 Jobs Report Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/08/03/NZDUSD-Wedge-Breakout-Back-in-Play-on-Stellar-Q2-Jobs-Report.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/YAIqqu5RDB
  • 🇦🇺 Markit Services PMI Final (JUL) Actual: 44.2 Previous: 56.8 https://www.dailyfx.com/economic-calendar#2021-08-03
  • $AUDNZD likely to attempt closing at a new 2021 low over the remaining 24 hours following the stellar New Zealand jobs report The December 2020 low has been further exposed at 1.0418 since July's #RBNZ rate decision New Zealand bond yields on the rise https://t.co/ipjwkSNt9n https://t.co/ncQX4hL8G3
  • Strong jobs report lifts $NZD - Money markets pricing in a 93% probability of a 25bps hike at the August meeting (previously 77%) - Over the forecast horizon, the RBNZ had projected (in the May MPS) the unemployment rate to gradually fall to 4.3% https://t.co/G5Ejzl2H6L
  • #NZDUSD cautiously higher after solid New Zealand jobs report Unemployment rate declined to 4.0% in Q2 from 4.7% prior (vs 4.4% anticipated) Job gains were at 1.7% y/y vs 1.2% expected Data seems to be supporting the case for a less-dovish #RBNZ given the cease to QE recently https://t.co/XmzhuLXh1H
  • 🇳🇿 Unemployment Rate (Q2) Actual: 4% Expected: 4.5% Previous: 4.7% https://www.dailyfx.com/economic-calendar#2021-08-03
New Zealand Dollar Technical Analysis Overview: NZD/USD, AUD/NZD Levels to Watch

New Zealand Dollar Technical Analysis Overview: NZD/USD, AUD/NZD Levels to Watch

Justin McQueen, Analyst

NZD Analysis and Talking Points

  • NZDUSD | RBNZ Surprise Slams NZDUSD
  • AUDNZD | Battles Resistance Following Bullish Bounce

See the DailyFXFX forecast to learn what will drive the currency throughout the quarter.

NZDUSD | RBNZ Surprise Slams NZDUSD

NZDUSD has been slammed following the surprise decision by the RBNZ to cut rates by 50bps (Exp. 25bps). Consequently, the pair broke through key support at 0.6480 before testing the psychological 0.6400 handle. Momentum indicators as signalled by the DMI are bearishly aligned, however, given the size of the drop we do not rule out some slight relief on profit taking. Gains are likely to be shallow as risks remain tilted to the downside for the pair. As such, a closing break below 0.6400 raises scope for a test of the 0.6340-50 support zone.

NZDUSD PRICE CHART: Daily Time Frame (Nov 2014 – Aug 2019)

New Zealand Dollar Technical Analysis Overview: NZD/USD, AUD/NZD Levels to Watch

Chart by IG

AUDNZD | Battles Resistance Following Bullish Bounce

Following yesterday’s fresh 2019 low, AUDNZD has since recovered sharply with momentum indicators on the daily time frame flipping to positive. However, trend signals are yet to confirm whether this is the beginning of a bullish uptrend. The cross is now facing a plethora of resistance with the 23.6% Fib situated at 1.0486, while the 100 and 200DMAs reside at 1.0516-20 respectively, which in turn risks denting a further follow through in the recent upside.

AUDNZD PRICE CHART: Daily Time Frame (Jul 2018 Aug 2019)

New Zealand Dollar Technical Analysis Overview: NZD/USD, AUD/NZD Levels to Watch

Chart by IG

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES