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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • OPEC reportedly moves up oil production meeting to June 4 #OOTT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 75.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uuUtwe3YrJ
  • Technical Trade Levels: #Dollar, $EURUSD, $USDCAD, $AUDUSD, #Gold, #SPX and more! (Webinar Archive) - https://t.co/3UevjO8Lil
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 2.04% Gold: 0.55% Oil - US Crude: -1.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/5jVWooiTee
  • GBP/USD IG Client Sentiment: Our data shows traders are now net-short GBP/USD for the first time since May 06, 2020 when GBP/USD traded near 1.23. A contrarian view of crowd sentiment points to GBP/USD strength. https://www.dailyfx.com/sentiment https://t.co/wyWpKN83H2
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.79% 🇨🇦CAD: 1.33% 🇳🇿NZD: 1.31% 🇪🇺EUR: 0.20% 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q2qAPkPXZi
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.29% Wall Street: 0.27% Germany 30: 0.08% FTSE 100: -0.00% France 40: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vHF9F2qb4Z
  • Happy Monday traders! What does the new month bring? Are we looking at positive sentiment but not much momentum❔ What are the market highlights heading into New York open? Find out from @DailyFX Chief Strategist, @JohnKicklighter 👇 https://t.co/xaHZXjZdZr
  • US Treasury Secretary Steven Mnuchin to hold call with G-7 finance ministers on Wednesday per his public schedule $DXY
  • Overlay that with google search terms for “protest” and “riots” and you see a similar uptick. Last time we saw a surge in these search terms was back in August 2019 and we saw a lot of volatility ensue shortly after. https://t.co/ZXAkgRWfAB
NZD/USD Technical Analysis: Languishing Above 0.77 Mark

NZD/USD Technical Analysis: Languishing Above 0.77 Mark

2014-11-03 02:44:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7767, 0.7682, 0.7602
  • Resistance:0.7957, 0.8051, 0.8138

The New Zealand Dollar turned lower anew following a corrective bounce against its US namesake, with prices building on a bearish Flag pattern breakout. Near-term support is at 0.7767, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 0.7682-7707 area marked by the July 2013 and September 2014 lows. Alternatively, a rebound above Flag bottom support-turned-resistance at 0.7957 clears the way for a challenge of the February 2014 low at 0.8051.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: Languishing Above 0.77 Mark

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

News & Analysis at your fingertips.