New Zealand Dollar Technical Forecast: NZD/USD, NZD/JPY, NZD/CAD, NZD/CHF
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New Zealand Dollar, NZD/USD, NZD/JPY, NZD/CAD, NZD/CHF - Technical Forecast
- New Zealand Dollar may be readying to resume higher versus its peers
- NZD/USD and NZD/JPY near key rising trendlines following setbacks
- NZD/CAD and NZD/CHF still have more room for near-term losses
New Zealand Dollar Technical Outlook
The New Zealand Dollar may be getting ready to resume its dominant uptrend against the US Dollar after NZD/USD failed to push above peaks from 2018. Prices are now facing rising support from March 2020 which may reinstate the focus to the upside. Resuming the uptrend entails a push above the 0.7395 – 0.7437 resistance zone. Otherwise, falling under the trendline would expose support at 0.7097. Further closing under this price could open the door to deeper losses.
NZD/USD Daily Chart
Against the Japanese Yen, the New Zealand Dollar turned lower after struggling to push above the December 2018 high. Broadly speaking, rising support from October seems to be guiding NZD/JPY to the upside. In the long run, a potential rising trendline from March 2020 may keep the focus tilted to the upside in the event of near-term losses. Climbing above 78.8630 exposes the April 2018 high at 79.6150 towards the peak from the same year at 81.5680.
NZD/JPY Daily Chart
The New Zealand Dollar struggled to hold a push above 2019 highs against the Canadian Dollar. Since then, NZD/CAD turned lower towards rising support from December. From here, there could be more room to the downside before the pair gets a chance to bounce at that trendline. In the event of deeper losses, a potential rising trendline from March 2020 could reinstate the dominant focus to the upside. Resuming the uptrend entails a push above the February high towards the midpoint of the Fibonacci extension at 0.9353.
NZD/CAD Daily Chart
The New Zealand Dollar struggled to hold a push above the July 2019 high against the Swiss Franc. Since then, NZD/CHF turned lower towards rising support from October. As such, there could be more room to the downside before the pair gets a chance to bounce on that trendline. Broadly speaking, the push above falling resistance from 2015 has been a potentially significant turning point for the pair. Resuming the uptrend entails a push above the 61.8% Fibonacci extension at 0.6750 towards peaks from 2019.
NZD/CHF Daily Chart
--- Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.