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.

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
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Dow Jones, Nikkei 225, ASX 200 Outlook: Tapering Fears Hurt Sentiment https://www.dailyfx.com/forex/market_alert/2021/06/21/Dow-Jones-Nikkei-225-ASX-200-Outlook-Tapering-Fears-Hurt-Sentiment.html https://t.co/4ZpklI0CUn
  • Last week’s updated Federal Reserve dot plot, suggesting two US interest rate increases in 2023, could be a game-changer for $EURUSD. Strategically, a long-term trend lower may have now begun. Get your market update from @MartinSEssex here: https://t.co/xMvmnbkpt7 https://t.co/yRCuwj7cAI
  • It was a brutal week for the British Pound against the US Dollar and Japanese Yen, but it remains to be seen whether this can lead into fresh long-term trends. Get your market update from @JStanleyFX here: https://t.co/xMzWYNUzFx https://t.co/Bvsj7fHJJt
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/IIjo6UK5p8
  • All 9 Dow Jones sectors ended lower, with 100% of the index’s constituents closing in the red. Energy (-3.77%) financials (-2.98%) and materials (-2.46%) were among the worst performers. https://t.co/AbiZ65bwC9
  • Although the Fed hawkish bias has caused some reflationary position unwinding and anxiety about the outlook for commodities, the fundamental picture for oil has not changed and remains bullish. Get your market update from @DColmanFX here: https://t.co/N5X16b8ljP https://t.co/UA6CfjTLfc
  • A short-term ascending channel is under threat after Bitcoin’s first attempt to break through a stubborn resistance zone failed. Get your market update from @nickcawley1 here: https://t.co/RbnADE05iu https://t.co/HcrqaKg5F3
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/qHyg1KpVKH
  • And the Monday Asia trading session has officially begun. A pair to have on your watch list to kick off early trade: $AUDUSD post head-and-shoulders' neckline (and 200-DMA) breakdown https://t.co/iuYqEN5xpv
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/DIP9cgoSUt
NZD/USD Technical Analysis – Looking to Re-Enter Short

NZD/USD Technical Analysis – Looking to Re-Enter Short

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8391-0.8415 (horizontal pivot, 50% Fib exp.), 0.8329 (61.8% Fib exp.)
  • Resistance:0.8500 (38.2% Fib ret.), 0.8527 (former support), 0.8607 (23.6% Fib ret.)

The New Zealand Dollar fell as expected against its US namesake after putting in a Bearish Engulfing candlestick pattern. A bounce from support in the 0.8391-0.8415 area, marked by a horizontal pivot in play since September and the 50% Fibonacci retracement, has opened the door for a test of the 0.85 figure. This is reinforced by support-turned-resistance at 0.8527. A daily close above the latter level exposes the 23.6% level at 0.8607. Alternatively, a reversal below support on a daily closing basis eyes the 61.8% Fib at 0.8329.

We entered short NZDUSD at 0.8493. We subsequently booked profit on half of the position at the first target and left the remainder with an updated stop-loss at the breakeven level, which has now been triggered. The overall trend continues to look bearish and we will look for new selling opportunities in the days ahead.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

NZD/USD Technical Analysis – Looking to Re-Enter Short

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES