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
Bullish
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
Bullish
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
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/AfAhmIoVZv https://t.co/ernwvX4fdJ
  • Heads Up:🇺🇸 Participation Rate (APR) due at 12:30 GMT (15min) Previous: 61.5% https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇺🇸 Average Hourly Earnings YoY (APR) due at 12:30 GMT (15min) Expected: -0.4% Previous: 4.2% https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇺🇸 Average Weekly Hours (APR) due at 12:30 GMT (15min) Expected: 34.9 Previous: 34.9 https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇺🇸 Nonfarm Payrolls Private (APR) due at 12:30 GMT (15min) Expected: 893K Previous: 780K https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇺🇸 Average Hourly Earnings MoM (APR) due at 12:30 GMT (15min) Expected: 0% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇺🇸 Unemployment Rate (APR) due at 12:30 GMT (15min) Expected: 5.8% Previous: 6% https://www.dailyfx.com/economic-calendar#2021-05-07
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.00% 🇪🇺EUR: -0.05% 🇯🇵JPY: -0.15% 🇦🇺AUD: -0.20% 🇨🇦CAD: -0.28% 🇳🇿NZD: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/U6sOd6PnNY
  • Heads Up:🇺🇸 Non Farm Payrolls (APR) due at 12:30 GMT (15min) Expected: 978K Previous: 916K https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇨🇦 Full Time Employment Chg (APR) due at 12:30 GMT (15min) Previous: 175.4K https://www.dailyfx.com/economic-calendar#2021-05-07
NZD/USD Eyes Further Gains Following Bullish Candlestick

NZD/USD Eyes Further Gains Following Bullish Candlestick

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Longs Preferred
  • Morning Star formation leads recovery in prices
  • Break of resistance at 0.8600 opens further gains

The Kiwi has broken above critical resistance at 0.8600 in recent trading with the pair forming a Morning Star pattern. While admittedly a little lopsided, the bullish candlestick formation suggests an extended recovery for the pair. A push above nearby resistance at 0.8635 would open an advance on the 2014 highs near 0.8740.

Traders should be mindful of the potential for a surprise US Non-Farm Payrolls reading in the coming hours to spark significant volatility for US Dollar based pairs. The release of the figures will be covered live in DailyFX Plus.

NZD/USD: Recovery May Continue As Morning Star Forms

NZD/USD Eyes Further Gains Following Bullish Candlestick

Daily Chart - Created Using FXCM Marketscope 2.0

Examining the four hour chart reveals signs of hesitation from the bulls near the 0.8635 mark which has prompted the emergence of an Evening Star formation. While typically considered a bearish reversal signal, it has failed to receive confirmation which precludes the suggestion of a correction at this stage.

NZD/USD: Evening Star Suggests Selling Pressure Near 0.8635

NZD/USD Eyes Further Gains Following Bullish Candlestick

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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

DISCLOSURES