Skip to Content
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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Price & Time: NZD/USD - Fibonacci Attraction Awaits

Price & Time: NZD/USD - Fibonacci Attraction Awaits

Kristian Kerr, Sr. Currency Strategist

Share:

Talking Points

Get real time volume on your charts for free. Click HERE

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

ChartPrepared by Kristian Kerr

  • EUR/USD continues to consolidate above critical support around 1.0800
  • Our near-term trend bias is lower in the exchange rate while below 1.1100
  • A daily close under 1.0800 is needed to set off a more important move lower in the euro
  • A turn window of some importance is seen tomorrow
  • A daily close above 1.1100 would turn us positive again on EUR/USD

EUR/USD Strategy: Like the short side while below 1.1100

InstrumentSupport 2 Support 1SpotResistance 1Resistance 2
EUR/USD*1.08001.08301.08951.0955*1.1100

Price & Time Analysis: USD/CAD

ChartPrepared by Kristian Kerr

  • USD/CAD traded at its highest level in over a decade on Wednesday
  • Our near-term trend bias is positive in funds while above 1.2980
  • A move through 1.3225 is needed to set up a new leg higher in the exchange rate
  • A turn window of some importance is seen today/tomorrow
  • A daily close below the 2nd square root relationship of yesterday’s high at 1.2980 would turn us negative on USD/CAD

USD/CAD Strategy: Like the long side while over 1.2980

InstrumentSupport 2 Support 1SpotResistance 1Resistance 2
USD/CAD*1.29801.30752095*1.32251.3300

Focus Chart of the Day: NZD/USD

NZD/USD broke below the measured move of the April-June decline around .6500 to record a new low for the year on Wednesday. It remains to be seen whether this is just a simple re-test of last month’s low or a push to more important support around .6400. We tend to favor the latter as the .6400 area marks the 61.8% retracement of the “Global Financial Crisis” low recorded in March of 2009 and looks to be a clear downside attraction for the market. The 261.8% extension of the March to April advance also comes in around .6225 so the lower .6000’s in kiwi is shaping up to be a potentially important medium-term action/reaction zone – especially given the deteriorating sentiment profile. Strength over .6610 would alleviate some of the immediate downside pressure, but only a move through last week’s high around .6735 would turn the technical outlook positive.

To receive Kristian’s analysis directly via email, please SIGN UP HERE.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

DISCLOSURES