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New Zealand Dollar Technical Analysis: GBP/NZD, NZD/CAD, NZD/CHF

New Zealand Dollar Technical Analysis: GBP/NZD, NZD/CAD, NZD/CHF

Dimitri Zabelin, Analyst

New Zealand Dollar Analysis, GBP/NZD, NZD/CAD, NZD/CHF – TALKING POINTS

  • GBP/NZD trading below multi-month uptrend: capitulation or break through ahead?
  • NZD/CAD recovery from seven-year low may be capped as pair heads to resistance
  • NZD/CHF bouncing back after enduring double digit selloff, weakest rate on record

GBP/NZD TECHNICAL ANALYSIS

GBP/NZD may face selling pressure ahead if the pair fails to re-mount the January uptrend which has served as a key inflection point at several intervals. Over the past few weeks, traders have expressed an interest in climbing higher as demonstrated by the far-reaching wicks but ultimately failed. The lack of confidence could lead to capitulation and catalyze a selloff until GBP/NZD hits the familiar 1.9878-2.0000 support range.

GBP/NZD – Daily Chart

Chart showing GBP/NZD

GBP/NZD chart created using TradingView

NZD/CAD OUTLOOK

NZD/CAD’s recovery after bottoming out at a seven-year low may be cut short as the pair flirts with familiar but formidable resistance between 0.8524- 0.8499. However, if NZD/CAD is able to clear it with follow-through, the next barrier to surmount may be the ceiling at 0.8668 where the pair stalled back in early March. If this too is shattered, it may reinvigorate bullish sentiment for NZD/CAD and push the pair higher.

NZD/CAD – Daily Chart

Chart showing NZD/CAD

NZD/CAD chart created using TradingView

NZD/CHF FORECAST

NZD/CHF may be in the process of staging a recovery after the pair endured an over 10 percent decline since February and reached the weakest exchange rate on record. Since bottoming at 0.5541, the pair has been climbing along a steep uptrend and may eventually seek to retest descending resistance dating back to December 2019. However, NZD/CHF may break below the slope of appreciation before that point, thereby potentially delaying a retest of the descending ceiling.

NZD/CHF – Daily Chart

Chart showing NZD/CHF

NZD/CHF chart created using TradingView

NEW ZEALAND DOLLAR RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitri on Twitter

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

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