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
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/qmPQdsjX7b
  • OECD Chief Economist Boone says we think Chinese fiscal and monetary authorities have the capacity to buffer the shock from Evergrande (3333 HK)
  • Ethereum (ETH/USD) - Heavily oversold CCI - see prior CCI/price re-action - and a bullish hammer candle forming - will need confirmation. #Ethereum #eth #candlesticks @DailyFXTeam https://t.co/rfTZE76Dm3
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sr63f https://t.co/erYA8KfqEo
  • Coming up at half past. Please join me if you can. I'll be looking at the charts of all the major markets, checking out the confidence reports on the calendar this week and the IG client sentiment data https://t.co/fMUUMsgwGr
  • OPEC+ compliance with oil cuts rises to 116% in August - two sources #OOTT
  • Join @MartinSEssex at 5:30 EST/9:30 GMT for a webinar on trading sentiment. Register here: https://t.co/CX9djlpMya https://t.co/mgkbDgiM0Y
  • 🇸🇪 Riksbank Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇮🇩 Interest Rate Decision Actual: 3.5% Expected: 3.5% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇮🇩 Interest Rate Decision due at 07:30 GMT (15min) Actual: 3.5% Expected: 3.5% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2021-09-21
NZD/USD Technical Analysis: Progress Made on Short Trade

NZD/USD Technical Analysis: Progress Made on Short Trade

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • NZD/USD Technical Strategy:Short at 0.7783
  • Support: 0.7680, 0.7580, 0.7543
  • Resistance:0.7824, 0.7897, 0.8076

The New Zealand Dollar began to decline against its US namesake as expected after prices produced a bearish Evening Star candlestick pattern. A daily close below the December 18 lowat 0.7680 exposes the 23.6% Fibonacci expansion at 0.7580. Alternatively, a move above channel top resistance at 0.7824 opens the door for a challenge of the 23.6% Fib retracement at 0.7897.

We entered short NZDUSD at 0.7783, initially targeting 0.7680. A stop-loss has been set to trigger on a daily close above the January 12 high at 0.7864. We will book half of the position and trail the stop-loss to the breakeven level once prices reach the first objective.

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

NZD/USD Technical Analysis: Progress Made on Short Trade

Daily Chart - Created Using FXCM Marketscope

--- 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