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
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar has put in a very strong push since the Thursday lows – and for traders looking to fade that move, the long side of GBP/USD may be attractive. Get your $GBP market update from @JStanleyFX here:https://t.co/17J9kCb8ff https://t.co/N1zNhEWLHh
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.21% Gold: -0.71% Silver: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0ayjP8t3rP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7IShY2t1tw
  • Biden administration to use 'all available tools' to challenge unfair China trade practices, still conducting comprehensive review of trade policy with China - BBG $USDCNH
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 2.42% Wall Street: 2.17% FTSE 100: 0.26% Germany 30: 0.12% France 40: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/9PszirwcDh
  • $USDJPY is hitting fresh multi-month highs today as the pair continues to trade above the 106.50 level. The last time this pair traded at that level was in early August. $USD $JPY https://t.co/VP9GskwYOJ
  • $WTI Crude Oil is down over 4% off of today's highs, falling from an intraday high above 62.50 to currently trade right around 60.00, its lowest level since early last week. $USO $OIL https://t.co/XrE768A6sK
  • https://t.co/SBKsuxOE0j
  • 🇧🇷 Balance of Trade (FEB) Actual: $1.2B Expected: $0.9B Previous: $-1.125B https://www.dailyfx.com/economic-calendar#2021-03-01
  • Oil prices now at the lows of the day with Brent dipping below $65/bbl. - Eyes commodity linked FX, such as the Canadian Dollar, which trades near highs against JPY and USD
AUD/NZD Long-term Bottom Still Intact

AUD/NZD Long-term Bottom Still Intact

Paul Robinson, Strategist

Talking Points:

  • AUDNZD bullish long-term bottom still in play
  • First breakout failed, stop triggered, however….
  • Soon, another solid risk/reward opportunity looks to be presenting itself

Just a couple of weeks ago there were a lot of eyes on AUD/NZD and excitement over the prospects of a big picture bottom having completed with the breakout above 1.0900, but then the breakout recently failed. However, we should still be excited, and here is why – to start with, not all trades work out the way we want, do they?

Nope, and that is something we have to be prepared for; so always have a contingency plan. The very first part of the contingency plan is having a stop in place to prevent unnecessary losses. The trade I made a couple of weeks ago involved buying the first dip back towards the 1.0900 breakout price; a bread-n-butter strategy for getting involved with breakouts – especially in this low volatility environment (best to not chase the action when momentum is weak). I then placed a stop below a level deemed to be a “technical failure” of said breakout. A stop which was ultimately hit when the RBNZ sent NZD soaring on hawkish wordage. Part of the game, but losses were minimal and so if properly executed, there is plenty of room to take another entry.

AUD/NZD Long-term Bottom Still Intact

Here we are a week or so later, closing in on another technical event which could act as support, with a defined stop loss level. What we are looking at is a rising trend-line coming off the March lows. Depending on how you draw it, the level varies. (I could write an entire article (or two) on how trend-lines can be drawn in various ways, I’ll save that for some other time, though.) I have drawn both lines in and find this to be of benefit when finding levels.

Technical analysis is a lot about art, and by allowing some leeway to identify zones of support and resistance we can plan our trade with flexibility. Remember, this price area has been support several times since the 1980’s. With that in mind, in the intermediate-term, Aussie/Kiwi is still making a series of higher highs, higher lows since March, so even though the initial breakout failed, there is reason in the intermediate-term to be bullish.

AUDNZD Daily

AUD/NZD Long-term Bottom Still Intact

Chart created by Paul Robinson using MarketScope 2.0.

AUD/NZD is currently sitting in the zone of support, 10800-10750, and with that I am looking for a bullish reversal in price soon to take entry. If this is truly a long-term bottom, one way or another, there will be set-ups either here or higher which offer solid risk/reward ratios to take advantage of. As long as AUDNZD doesn’t sink below 10650, I remain constructive longer-term.

--Written by Paul Robinson of FXSimplified.com

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

DISCLOSURES